Alteration of contracts if cost of complying with agreement is affected by later alteration to wine tax or luxury car tax laws
111-60 Alteration of contracts if cost of complying with agreement is affected by later alteration to wine tax or luxury car tax laws
If, after a contract involving a *supply, or a *taxable dealing in relation to *wine, has been made, an alteration to the *wine tax law or the *luxury car tax law happens and the alteration directly causes an increase or decrease in the cost to a party to the agreement of complying with the agreement, then the contract is altered as follows:
if the cost is increased—by allowing the party to add the increase to the contract price;
if the cost is decreased—by allowing the other party to deduct the decrease from the contract price.
The contract is not altered if:
the contract has express written provision to the contrary; or
it is clear from the terms of the contract that the alteration of the *wine tax law or the *luxury car tax law has been taken into account in the agreed contract price.
This Act’s bill:Second reading speech
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