Summary
Amends the:
A New Tax System (Goods and Services Tax) Act 1999
and
Taxation Administration Act 1953
to ensure that goods and services tax adjustments are required in all situations when consideration is paid by an entity in the supply chain to a third party; and
A New Tax System (Goods and Services Tax) Act 1999
to confirm that the rules allowing attribution in the current period applies to all input tax credits.