Document ID: chunk:federal_register_of_legislation:F2017L00344:body:0:p3
Version: federal_register_of_legislation:F2017L00344
Segment Type: other
Provision Reference: 
Character Range: 5392–6927

expressions are defined for the purposes of this determination:
GST payable on the non-retained consideration, in relation to a taxable supply, means the amount worked out in accordance with subparagraph 7(b);
GST payable on the retention amount, in relation to a taxable supply, means the amount worked out in accordance with subparagraph 7(a);
input tax credit on the non-retained consideration, in relation to a creditable acquisition, means the amount worked out in accordance with subparagraph 8(b);
input tax credit on the retention amount, in relation to a creditable acquisition, means the amount worked out in accordance with subparagraph 8(a);
invoice for the retention amount, means a document notifying an obligation to pay the retention amount issued in relation to that amount once certain conditions specified in the contract have been met and/or following the expiry of the defects liability period;
non-retained consideration, in relation to a taxable supply or a creditable acquisition, means the amount obtained by subtracting the retention amount (or amounts) from the consideration for that supply;
retention amount, in relation to a taxable supply or a creditable acquisition, means any part (or parts) of the consideration for the supply that the recipient of the supply retains under the terms of a contract which provide for the recipient to retain an amount or amounts until certain conditions specified in the contract are met;
Other expressions in this determination have the same meaning as in the GST Act.