Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 142.20

  (1)   This section applies if:

  (a)   your * assessed net amount for a tax period takes into account an amount of GST on a supply; and

  (b)   you have a * decreasing adjustment attributable to a later tax period as a result of the cancellation of the supply.

  (2)   Reduce:

  (a)   your * decreasing adjustment; and

  (b)   if the * recipient of the supply has a corresponding * increasing adjustment--the recipient's increasing adjustment;

to the extent that you have * passed on that GST to the recipient, but not reimbursed the recipient for the passed - on GST.

  (3)   This section has effect despite sections   19 - 55 (about decreasing adjustments for supplies) and 19 - 80 (about increasing adjustments for acquisitions).