Document ID: chunk:federal_register_of_legislation:C2004A00749:clause:4_16:p3
Version: federal_register_of_legislation:C2004A00749
Segment Type: clause
Provision Reference: sch 4 cl 16 (pt 3/3)
Character Range: 47729–49249

2. Add together:

                (a) the amount or amounts previously written off as bad from the debt to which the decreasing adjustment relates; and
                (b) the amount of the debt that has been *overdue for 12 months or more (other than amounts already written off).

           Step 3. Subtract the step 2 amount from the total amount of the *consideration that you have either provided, or are liable to provide, for the acquisition.
           Step 4. Add to the step 3 amount an amount equal to the amount or amounts, written off or overdue for 12 months or more, that you have paid.
           Step 5. Work out the amount of the input tax credit (if any), taking into account any previous *adjustments for the acquisition (but not adjustments relating to bad debts or debts overdue), to which you would be entitled for the acquisition if the *consideration for the acquisition were the step 4 amount. This amount of GST is the adjusted credit amount.
           Step 6. Subtract the previous credit amount from the adjusted credit amount.

136‑50  Meanings of taxable at less than 1/11 of the price and creditable at less than 1/11 of the consideration

 (1) A *taxable supply is taxable at less than 1/11 of the price if the amount of GST payable on the supply is an amount that is less than 1/11 of the *price of the supply.

 (2) A *creditable acquisition is creditable at less than 1/11 of the consideration if the *taxable supply to which it relates is *taxable at less than 1/11 of the price.