Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 129.25

  (1)   Despite section   129 - 20, if:

  (a)   you dispose of a thing acquired or imported (other than in circumstances giving rise to a * decreasing adjustment under Division   132); or

  (b)   a thing acquired or imported is lost, stolen or destroyed; or

  (c)   a thing is acquired only for a particular period and that period expires;

the next tax period applying to you that ends:

  (d)   on 30   June in any year; or

  (e)   if none of the tax periods applying to you in a particular year ends on 30   June--closer to 30   June than any of the other tax periods applying to you in that year;

is the last * adjustment period for the acquisition or importation in question.

  (2)   Despite section   129 - 20, if:

  (a)   you dispose of a thing acquired or imported; and

  (b)   the disposal takes place in circumstances giving rise to a * decreasing adjustment under Division   132;

then:

  (c)   the last * adjustment period to end before the disposal is the last adjustment period for the acquisition or importation in question; and

  (d)   if no such adjustment period ended before the disposal, there is no adjustment period for the acquisition or importation.

  (3)   This section does not apply to a disposal if this Division continues to apply to the acquisition or importation of the thing because of subsection   138 - 17(2).