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A New Tax System (Goods and Services Tax) Act 1999
21‑1 What this Division is about21‑1 What this Division is about
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21‑1 What this Division is about
If debts are written off as bad or are outstanding after 12 months, adjustments (for the purpose of working out net amounts) are made. They can arise both for amounts written off or outstanding and for recovery of amounts previously written off or outstanding.
Note: This Division does not apply to supplies and acquisitions that you account for on a cash basis (except in the limited circumstances referred to in Division 159).