Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 75.12

    In working out the * margin for a * taxable supply of * real property you make (the later supply ), if:

  (a)   you had acquired the interest, unit or lease in question through a supply (the earlier supply ); and

  (b)   the * consideration for:

  (i)   if your acquisition was not an acquisition from a * member of a * GST group of which you were also a member at the time of the acquisition--the earlier supply; or

  (ii)   if your acquisition was such an acquisition--the last supply of the interest, unit or lease at a time when the supplier of that last supply was not, but the * recipient of that last supply was, a member of the GST group;

    had not been paid in full at the time of the later supply;

treat the amount of the consideration as having been reduced by the amount of unpaid consideration referred to in paragraph   (b).

Note:   If you subsequently pay more of the consideration for the earlier supply, you may have a decreasing adjustment: see section   75 - 27.