Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX TRANSITION) ACT 1999 - SECT 15L

  (1)   Change to the consideration must be arbitrated as follows:

  (a)   the supplier must apply to an arbitrator for the appointment of an assessor to determine an appropriate change to the consideration;

  (b)   the arbitrator must appoint as an assessor a person whom the arbitrator is satisfied:

  (i)   is suitably qualified to determine an appropriate change to the consideration; and

  (ii)   is independent of both the supplier and the recipient;

  (c)   in determining an appropriate change, the assessor must only take into account the impact of the New Tax System changes on the supplier's costs and expenses;

  (d)   the assessor's determination of an appropriate change must be made within 28 days of the end of the offer period and:

  (i)   be in writing, signed and dated by the assessor; or

  (ii)   be in the form specified in the regulations.

  (2)   The supplier must not apply under paragraph   ( 1)(a) until after:

  (a)   the end of the initial offer period; or

  (b)   the recipient gives to the supplier a written rejection of the initial offer;

whichever happens earlier.

  (3)   In this section:

"New Tax System changes" means the following:

  (a)   the amendment of the former Sales Tax (Exemptions and Classifications) Act 1992 made by this Act;

  (b)   the ending of sales tax, as provided for in the former A New Tax System (End of Sales Tax) Act 1999 ;

  (c)   the imposition of GST;

  (d)   any other changes (including changes to Commonwealth, State or Territory laws) prescribed by the regulations for the purposes of this definition.