Document ID: chunk:federal_register_of_legislation:C2018A00023:clause:5_28
Version: federal_register_of_legislation:C2018A00023
Segment Type: clause
Provision Reference: sch 5 cl 28
Character Range: 48471–50072

28  Existing property development arrangements
If:
 (a) an arrangement entered into before 1 July 2018 between:
 (i) an entity (the supplier) making a taxable supply that is, or includes, a supply to which subsection 14‑250(2) in Schedule 1 to the Taxation Administration Act 1953 as amended by this Schedule applies; and
 (ii) one or more entities (not including the entity to which the supply is made), at least one of whom is supplying (or is to supply) development services in relation to the real property to which the supply relates;
  deals with the distribution, between the parties to the arrangement, of the consideration for the supply; and
 (b) under the arrangement:
 (i) an amount is to be distributed to the supplier for the payment of the supplier's liability to GST for the supply (less any relevant entitlements to input tax credits); or
 (ii) distributions of the consideration, between the parties, are to be adjusted to take into account that liability; and
 (c) were that amount to be distributed under the arrangement, or were the distributions to be so adjusted, the parties would not be in the same position as they would be if an amount were not payable, under section 14‑250 in that Schedule as so amended, in relation to the supply; and
 (d) a payment has been made under that section in relation to the supply;
the amount of the payment is taken, for the purposes of the arrangement, to have been received by the supplier in relation to the supply.

[Minister's second reading speech made in—
House of Representatives on 7 February 2018
Senate on 19 March 2018]

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