Commonwealth Consolidated Acts

A NEW TAX SYSTEM (LUXURY CAR TAX) ACT 1999 - SECT 15.40

  (1)   You have a decreasing luxury car tax adjustment if:

  (a)   you made a * taxable supply of a luxury car; and

  (b)   the whole or part of the * consideration for the supply has not been received; and

  (c)   you write 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.

  (2)   The decreasing luxury car tax adjustment is equal to:

  (a)   the amount of luxury car tax that was payable by you on the supply taking into account any previous * luxury car tax adjustments for the supply; minus

  (b)   the amount of luxury car tax (if any) that would be payable if the * price of the supply of the car (disregarding any previous * luxury car tax adjustments for the supply) was reduced by an amount equal to the sum of:

  (i)   the amount or amounts of the debt written off as bad; and

  (ii)   the amount of the debt that has been * overdue for 12 months or more (other than amounts already written off).

  (3)   You cannot have a * luxury car tax adjustment under this section if you * account on a cash basis.