Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 99.10

  (1)   The GST payable by you on a * taxable supply for which the * consideration is a deposit that was held as security for the performance of an obligation is attributable to the tax period during which the deposit:

  (a)   is forfeited because of a failure to perform the obligation; or

  (b)   is applied as all or part of the consideration for a supply.

  (2)   This section has effect despite section   29 - 5 (which is about attributing GST for taxable supplies).