Goods and Services Tax: Particular Attribution Rules for Lay-By Sales Determination 2017 (Cth)

Legislative Instrument

Goods and Services Tax: Particular Attribution Rules for Lay-By Sales 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).

Timothy Dyce Deputy Commissioner of Taxation Dated: 11/04/2017

1. Name of determination

This determination is Goods and Services Tax: Particular Attribution Rules for Lay-By Sales Determination 2017.

2. Commencement

This determination commences on 1 April 2017.

3. Repeal of previous determination

This determination replaces determination A New Tax System (Goods and Services Tax) Act 1999 (Particular Attribution Rules for Lay-By Sales) Determination (No 1) 2000 – F2006B11600 (previous determination), registered on 20 November 2006. The previous determination is repealed from 1 April 2017.

4. Application

This determination applies to entities that make taxable supplies or creditable acquisitions via lay‑by sale agreements.

This determination is substantially the same as the determination it replaces. An entity that satisfied the requirements of the previous determination and is an entity that makes taxable supplies or creditable acquisitions via lay‑by sale agreements will satisfy the requirements of this determination.

5. Particular attribution rules for GST payable on a taxable supply made under a lay-by sale agreement

(a) The GST payable by an entity on a taxable supply of goods that the entity makes under a lay-by sale agreement is attributable to the tax period in which the final instalment of consideration is received.

(b) This paragraph applies only if you do not account on a cash basis.

6. Particular Attribution Rules for an input tax credit arising from a creditable acquisition made under a lay-by sale agreement