Document ID: chunk:federal_register_of_legislation:C2025C00126:clause:3_16:p31
Version: federal_register_of_legislation:C2025C00126
Segment Type: clause
Provision Reference: sch 3 cl 16 (pt 31/58)
Character Range: 716398–719082

under this section and not under section 21‑20.
 (2) This is how to work out the amount:

      Method statement
           Step 1. Work out the amount of the input tax credit (if any) to which you were entitled for the acquisition, taking into account any previous *adjustments for the acquisition. This amount is the previous credit amount.
           Step 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.

Division 137—Stock on hand on becoming registered etc.

137‑1  What this Division is about
      If you become registered or required to be registered, you may have a decreasing adjustment for stock you have already acquired.

137‑5  Adjustments for stock on hand on becoming registered etc.
 (1) You have a decreasing adjustment if:
 (a) you become *registered or *required to be registered; and
 (b) at that time, you hold stock for the purpose of sale or exchange, or for use as raw materials, in *carrying on your *enterprise; and
 (c) you had acquired the stock solely or partly for a *creditable purpose.
 (2) However, this section does not apply if:
 (a) you were entitled to an input tax credit for the acquisition; and
 (b) you have not had a *increasing adjustment under Division 138 (cessation