A New Tax System (Goods and Services Tax Transition) Act 1999

Change to the consideration must be arbitrated as follows:

the supplier must apply to an arbitrator for the appointment of an assessor to determine an appropriate change to the consideration;

the arbitrator must appoint as an assessor a person whom the arbitrator is satisfied:

is suitably qualified to determine an appropriate change to the consideration; and

is independent of both the supplier and the recipient;

in determining an appropriate change, the assessor must only take into account the impact of the New Tax System changes on the supplier’s costs and expenses;

the assessor’s determination of an appropriate change must be made within 28 days of the end of the offer period and:

be in writing, signed and dated by the assessor; or

be in the form specified in the regulations.

The supplier must not apply under paragraph (1)(a) until after:

the end of the initial offer period; or

the recipient gives to the supplier a written rejection of the initial offer;

In this section:

the amendment of the former Sales Tax (Exemptions and Classifications) Act 1992 made by this Act;

the ending of sales tax, as provided for in the former A New Tax System (End of Sales Tax) Act 1999;

the imposition of GST;

any other changes (including changes to Commonwealth, State or Territory laws) prescribed by the regulations for the purposes of this definition.