GST Adjustments Sample Clauses

GST Adjustments. ‌ Notwithstanding any other provision of this Agreement, in the event that, as a result of a breach, modification or termination of this Agreement at any time, an amount is to be paid or forfeited (otherwise than as consideration for a supply under this Agreement) by a Party, or a debt or other obligation is to be reduced or extinguished without payment by the Party on account of the debt or obligation and section 182 of the Excise Tax Act (Canada), or any applicable provincial legislation applies to the amount to be paid, forfeited, reduced or extinguished, as the case may be, the amount shall be increased by an amount equal to the product of the aggregate of the GST percentage rate plus the amount of any applicable provincial rate multiplied by the amount otherwise payable and the payor shall pay the increased amount.

GST Adjustments. If a party becomes aware that the actual amount of GST payable on a Supply made in connection with this deed is more or less than the amount paid by the Recipient of the Supply, the difference on the amount payable must be paid or refunded, as applicable, by or to the relevant party promptly after the actual amount of GST on the Supply is paid or can be clearly ascertained, and an Adjustment Note is issued as required by the GST Law.

GST Adjustments. 27.1 If Item 16 states that: 27.1.1 the sale of the Land is an input taxed supply or is GST-free - but the Purchaser uses the Land in a way that makes the sale a taxable supply; or 27.1.2 the sale of the Assets is the supply of a going concern - but the sale is a taxable supply (other than by reason of a breach by the Vendor of clause 25.2), upon written demand by the Vendor (whether made before or after Settlement) the Purchaser must pay to the Vendor an amount equal to the Vendor’s GST liability together with any interest and / or penalties assessed to the Vendor. 27.2 If Item 16 states that the supply of the Assets is either wholly taxable or wholly non-taxable, and after Settlement the supply is found to be partly taxable and partly non-taxable, then the Purchaser must either pay to the Vendor or be reimbursed by the Vendor (as is appropriate) the amount of the adjustment in the Vendor's GST liability within 20 Business Days of receipt if a tax invoice or adjustment note. The Purchaser must pay to the Vendor any interest and / or penalties associated with any such adjustment provided an adjustment note is provided.

GST Adjustments underpaid GST revenue A73 A GST assessment error could be the result of incorrect assessment of the value of the taxable importation or incorrect classification as a non—taxable importation. A74 An incorrect assessment of the value of a taxable importation could result from an error in assessing the customs value, the customs duty, the wine equalisation tax or the amount paid or payable to transport the goods to Australia and to insure the goods for that transport. A75 An incorrect classification as a non—taxable importation could result from an error in identifying the taxable status of particular goods.