Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 19.10

  (1)   An adjustment event is any event which has the effect of:

  (a)   cancelling a supply or acquisition; or

  (b)   changing the * consideration for a supply or acquisition; or

  (c)   causing a supply or acquisition to become, or stop being, a * taxable supply or * creditable acquisition.

Example:   If goods that are supplied for export are not exported within the time provided in section   38 - 185, the supply is likely to become a taxable supply after originally being a supply that was GST - free.

  (2)   Without limiting subsection   (1), these are * adjustment events:

  (a)   the return to a supplier of a thing, or part of a thing, supplied (whether or not the return involves a change of ownership of the thing);

  (b)   a change to the previously agreed * consideration for a supply or acquisition, whether due to the offer of a discount or otherwise;

  (c)   a change in the extent to which an entity that makes an acquisition provides, or is liable to provide, consideration for the acquisition (unless the entity * accounts on a cash basis).

  (3)   An * adjustment event:

  (a)   can arise in relation to a supply even if it is not a * taxable supply; and

  (b)   can arise in relation to an acquisition even if it is not a * creditable acquisition.

  (4)   However, the return of a thing supplied, or part of a thing supplied, to its supplier is not an * adjustment event if the return is for the purpose of repair or maintenance.