Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 21.15

  (1)   You have an increasing adjustment if:

  (a)   you made a * creditable acquisition for * consideration; and

  (b)   the whole or part of the consideration is * overdue, but you have not provided the consideration overdue; and

  (c)   the supplier of the thing you acquired writes off as bad the whole or a part of the debt, or the whole or a part of the debt has been overdue for 12 months or more.

The amount of the increasing adjustment is 1 / 11 of the amount written off, or 1 / 11 of the amount that has been overdue for 12 months or more, as the case requires.

  (2)   However, you cannot have an * adjustment under this section if you * account on a cash basis.