Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 21.5

  (1)   You have a decreasing adjustment if:

  (a)   you made a * taxable supply; 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.

The amount of the decreasing adjustment is 1 / 11 of the amount written off, or 1 / 11 of the amount that has been overdue for 12 months or more, as the case requires.

  (2)   However, you cannot have an * adjustment under this section if you * account on a cash basis.