Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 19.10

             (1)  An adjustment event is any event which has the effect of:

                     (a)  cancelling a supply or acquisition; or

                     (b)  changing the * consideration for a supply or acquisition; or

                     (c)  causing a supply or acquisition to become, or stop being, a * taxable supply or * creditable acquisition.

Example:    If goods that are supplied for export are not exported within the time provided in section 38-185, the supply is likely to become a taxable supply after originally being a supply that was GST-free.

             (2)  Without limiting subsection (1), these are * adjustment events:

                     (a)  the return to a supplier of a thing, or part of a thing, supplied (whether or not the return involves a change of ownership of the thing);

                     (b)  a change to the previously agreed * consideration for a supply or acquisition, whether due to the offer of a discount or otherwise;

                     (c)  a change in the extent to which an entity that makes an acquisition provides, or is liable to provide, consideration for the acquisition (unless the entity * accounts on a cash basis).

             (3)  An * adjustment event:

                     (a)  can arise in relation to a supply even if it is not a * taxable supply; and

                     (b)  can arise in relation to an acquisition even if it is not a * creditable acquisition.

             (4)  However, the return of a thing supplied, or part of a thing supplied, to its supplier is not an * adjustment event if the return is for the purpose of repair or maintenance.