A New Tax System (Indirect Tax and Consequential Amendments) Act 1999 (176 of 1999)

Schedule 6   Indirect Tax Transition Acts

A New Tax System (Wine Equalisation Tax and Luxury Car Tax Transition) Act 1999

13   Subsections 3(2) and (3)

Repeal the subsections, substitute:

(2) However, this section:

(a) does not apply if you have borne sales tax in respect of the wine at a rate that is less than 20%; and

(b) does not apply to second-hand goods.

(3) If you have borne sales tax in respect of the wine at a rate of more than 26%, the amount of the special credit is equal to 12/41 of the amount of sales tax that you have borne in respect of the wine.

(3A) If you have borne sales tax in respect of the wine at a rate of not more than 26% but at least 20%, the amount of the special credit is as follows:

Sales tax amount * [(Sales tax rate - 14%) / Sales tax rate]

where:

sales tax amount is the amount of sales tax that you have borne in respect of the wine.

sales tax rate is the rate at which you have borne sales tax in respect of the wine.