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

Chapter 4 - The special rules  

Part 4-4 - Special rules mainly about net amounts and adjustments  

Note:

The special rules in this Part mainly modify the operation of Part 2-4 , but they may affect other Parts of Chapter 2 in minor ways.

Division 126 - Gambling  

126-10   Global GST amounts  

(1)  

Your global GST amount for a tax period is as follows:

where:

total amounts wagered
is the sum of the * consideration for all of your * gambling supplies that are attributable to that tax period.

total monetary prizes
is the sum of:

(a) the * monetary prizes you are liable to pay, during the tax period, on the outcome of gambling events (whether or not any of those gambling events, or the * gambling supplies to which the monetary prizes relate, take place during the tax period); and

(b) any amounts of * money or *digital currency you are liable to pay, during the tax period, under agreements between you and * recipients of your gambling supplies, to repay to them a proportion of their losses relating to those supplies (whether or not the supplies take place during the tax period).

For the basic rules on what is attributable to a particular period, see Division 29 .

(2)  
However, your global GST amount is zero for any tax period in which total monetary prizes exceeds total amounts wagered.

(3)  

In working out the total monetary prizes for a tax period, disregard any * monetary prizes you are liable to pay, during the tax period, that relate to supplies that are * GST-free .

(4)  
Your global GST amount for a tax period may be affected by sections 126-15 and 126-20 .