Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 139.5

  (1)   You have an increasing adjustment if:

  (a)   you are the executor or trustee of a deceased estate; and

  (b)   you are * registered or * required to be registered; and

  (c)   you supply an asset of the deceased estate to a beneficiary of the deceased estate; and

  (d)   the supply is not a * taxable supply and is not a supply that is * GST - free or * input taxed; and

  (e)   you were, or are, or the deceased person was, entitled to an input tax credit for the deceased person's acquisition or importation of the asset.

Note:   Increasing adjustments increase your net amounts.

  (2)   The amount of the adjustment, for the asset, is as follows:

where:

"applicable value" is:

  (a)   the * GST inclusive market value of the asset immediately before it is supplied; or

  (b)   if you were, or are, or the deceased person was, entitled to an input tax credit for the deceased person acquiring the thing--the amount of the * consideration that you or the deceased person provided, or was liable to provide, for the acquisition of the thing, but only if the amount is less than that value; or

  (c)   if you were, or are, or the deceased person was, entitled to an input tax credit for the deceased person importing the thing--the cost to you or the deceased person of acquiring or producing the thing (plus the * assessed GST paid on its importation), but only if the amount is less than that value.

  (3)   However, an * adjustment does not arise under this section in respect of the asset if:

  (a)   the asset related to an * enterprise that the deceased person * carried on, and the beneficiary intends to continue to carry on that enterprise; or

  (b)   there were one or more * adjustment periods for the deceased person's acquisition or importation of the asset, and the last of those adjustment periods has ended before the cancellation of your * registration takes effect.