GST payable on the retention amount, in GST payable on the retention amount, in relation to a taxable supply, means the amount worked out in accordance with Clause 5(1);

GST payable on the retention amount, in relation to a taxable supply, means the amount worked out in accordance with Clause 5(1);

input tax credit on the non-retained consideration, in relation to a creditable acquisition, means the amount worked out in accordance with Clause 6(2);

input tax credit on the retention amount, in relation to a creditable acquisition, means the amount worked out in accordance with Clause 6(1);

invoice for the retention amount, means a document notifying an obligation to pay the retention amount issued in relation to that amount following the expiry of the defects period;

non-retained consideration, in relation to a taxable supply or a creditable acquisition, means the amount obtained by subtracting the retention amount from the consideration for that supply;

retention amount, in relation to a taxable supply or a creditable acquisition, means that part of the consideration for the supply that the recipient of the supply retains under the terms of a contract which provide for the recipient to retain an amount until certain conditions specified in the contract are met;

the Act means the A New Tax System (Goods and Services Tax) Act 1999.

(2) Other expressions in this Determination have the same meaning as in the Act.

Signed this 30th day of June 2000

Signed by Marilyn Knight

Senior Tax Counsel

Goods and Services Tax Program

Delegate of the Commissioner