Goods and Services Tax: (Particular Attribution Rules for Retention Payments) Determination 2017 (Cth)

Legislative Instrument

Goods and Services Tax: (Particular Attribution Rules for Retention Payments) Determination 2017

I, Timothy Dyce, Deputy Commissioner of Taxation, make this determination under subsection 29-25(1) of the A New Tax System (Goods and Services Tax) Act 1999 (GST Act).

Signed by Timothy Dyce Deputy Commissioner of Taxation Dated: 28/03/2017

1. Name of determination This determination is the Goods and Services Tax: (Particular Attribution Rules for Retention Payments) Determination 2017.

2. Commencement This determination commences on the day after its registration on the Federal Register of Legislation.

3. Repeal of previous determination This determination repeals and replaces determination A New Tax System (Goods and Services Tax) Act 1999 (Particular Attribution Rules for Retention Payments) Determination (No. 1) 2000 – F2006B11652, registered on 29 November 2006.

4. Application This determination applies to entities that: (a) do not account on a cash basis; and (b) make taxable supplies or creditable acquisitions where the contract provides for some or all of the consideration to be retained by the recipient until certain conditions under the contract are met. The determination is substantially the same as the previous determination that it replaces. An entity that satisfied the requirements of the previous determination and that makes taxable supplies or creditable acquisitions where the contract provides for some or all of the consideration to be retained by the recipient until certain conditions under the contract are met will satisfy the requirements of the determination.

5. Particular attribution rule for GST payable on a taxable supply made under a contract that provides for retention of some or all of the consideration until certain conditions under the contract are met (a) This particular attribution rule applies if you make a taxable supply under a contract that provides for the recipient of the supply to retain some or all of the consideration until certain conditions are met.