Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Bill

  • enacted
315 Section 21 amended (Adjustments for apportioned supplies)

(1)

After section 21(2)(a), insert:

(ab)

the person is a non-resident who has incurred input tax as defined in section 3A(1)(b) for goods and who—

(i)

exports the goods in or before the adjustment period; and

(ii)

disposes of the goods overseas in the adjustment period or holds the goods overseas at the end of the adjustment period:

(2)

After section 21(4), insert:

(4B)

A registered person may choose to use, for making adjustments to which sections 21A to 21H apply, a fair and reasonable method of calculating adjustments that—

(a)

has regard to the tenor of sections 21A to 21H; and

(b)

is agreed with the Commissioner by—

(i)

the registered person, if the registered person reasonably expects to make supplies of goods or services with a value of more than $24,000,000 in a 12-month period that includes the month in which the registered person proposes the agreement:

(ii)

an industry association, if the method is intended by the Commissioner and the industry association to be available to a person such as the registered person.