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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 138.15

Ceasing to be registered--amounts not previously attributed

  (1)   The GST payable by you on a * taxable supply, the input tax credit to which you are entitled for a * creditable acquisition, or an * adjustment that you have, is attributable to a particular tax period, and no other, if:

  (a)   during the tax period, your * registration is cancelled; and

  (b)   immediately before the cancellation, you were * accounting on a cash basis; and

  (c)   the GST on the supply, the input tax credit on the acquisition, or the adjustment, was not attributable, to any extent, to a previous tax period during which you accounted on a cash basis; and

  (d)   it would have been attributable to that previous tax period had you not accounted on a cash basis during that period.

For accounting on a cash basis, see Subdivision   29 - B.

  (2)   This section has effect despite sections   29 - 5, 29 - 10 and 29 - 20 (which are about attributing GST on supplies, input tax credits on acquisitions, and adjustments) and any other provisions of this Chapter.


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