Goods and Services Tax: (Particular Attribution Rules for Cooling off Periods) Determination 2017 (Cth)

Legislative Instrument

Goods and Services Tax: (Particular Attribution Rules for Cooling off Periods) 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: 29/03/2017

1. Name of determination

This determination is the Goods and Services Tax: (Particular Attribution Rules for Cooling off Periods) 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) (Particular Attribution Rules for Cooling off Periods) Determination (No. 1) 2000 - F2006B11605, registered on 20 November 2006.

4. Application

This determination applies where a taxable supply or creditable acquisition has been made, but it is subject to a statutory cooling off period. 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 is an entity which makes a taxable supply or creditable acquisition which is subject to a statutory cooling off period will satisfy the requirements of the determination.

5. Particular attribution rule for GST payable on a taxable supply still subject to a statutory cooling off period under an Australian law

(a) If you do not account on a cash basis and you make a taxable supply subject to a statutory cooling off period under an Australian law, then the GST payable on the supply is attributable to the earlier of:

(i) the tax period in which any of the consideration is received for the supply; or (i) the tax period in which an invoice is issued relating to the supply.