Commonwealth legislation

A New Tax System (Goods and Services Tax) Act 1999 Waiver of Requirement to hold an Adjustment Note for a Decreasing Adjustment Determination (No. 7) 2004

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

1/10 complexity

This determination waives the usual requirement to hold an adjustment note when claiming a GST decreasing adjustment for a taxable supply made in satisfaction of a debt (e.g., repossessed goods sold to recover a debt). It affects creditors who repossess and resell goods and any business claiming such GST refunds. Effective retrospectively from 1 January 2005, it simplifies administration by allowing legitimate GST credits without needing a formal adjustment note first.

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Current sections

Direct links to the current provisions in A New Tax System (Goods and Services Tax) Act 1999 Waiver of Requirement to hold an Adjustment Note for a Decreasing Adjustment Determination (No. 7) 2004.

Citation

This determination may be cited as the A New Tax System (Goods and Services Tax) Act 1999 Waiver of Requirement to hold an Adjustment Note for a Decreasing Adjustment Determination (No. 7) 2004.

Waiver of Adjustment Note Requirement

The following circumstances are circumstances of a kind in which the requirement for an adjustment note under subsection 29-20(3) of the Act does not apply:

(a) where the decreasing adjustment relates to a taxable supply to which section 83-5 of the Act applies.

Application

(1) This determination applies, and is taken to have applied, in relation to net amounts for tax periods starting, or that started, on or after 1 January 2005.

(2) This determination does not revoke, amend or vary any previous determination made by the Commissioner.

Definitions

(1) The following expression is defined for the purposes of this determination:

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 10th day of December 2004.

Signed by John Meyer

Acting Assistant Deputy Commissioner of Taxation

Goods and Services Tax

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

Citation Citation