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

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


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


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


exports the goods in or before the adjustment period; and


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


After section 21(4), insert:


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—


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


is agreed with the Commissioner by—


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:


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.