Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) You have an increasing luxury car tax adjustment if:
(a) you made a * taxable supply of a luxury car in relation to which you had a * decreasing luxury car tax adjustment under section 15 - 40 for a debt; and
(b) you recover the whole or a part of the amount or amounts of the debt that have been written off as bad or * overdue for 12 months or more.
(2) The increasing luxury car tax adjustment is equal to:
(a) the amount of luxury car tax (if any) that would be payable if the * price of the supply of the car (disregarding any previous * luxury car tax adjustments for the supply) was reduced by the sum of:
(i) the amount or amounts of the debt previously written off as bad; and
(ii) the amount of the debt that has been * overdue for 12 months or more (other than amounts already written off);
and then increased by an amount equal to the amount or amounts recovered; minus
(b) the amount of luxury car tax (if any) payable on the supply of the luxury car, taking into account any previous * luxury car tax adjustments for the supply.