A New Tax System (Goods and Services Tax) Act 1999
Chapter 4
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The special rules
Part 4-4
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Special rules mainly about net amounts and adjustments
You cannot have an * adjustment under Division 21 in relation to a * gambling supply .
(2)
If, in a tax period, you write off as bad the whole or part of the * consideration for a * gambling supply that is due as a debt, but has not been received, the amount written off is to be added to your total monetary prizes, referred to in subsection 126-10(1) , for that tax period.
(3)
However, if, in a tax period, you recover the whole or part of the amount written off, the amount recovered is to be added to your total amounts wagered, referred to in subsection 126-10(1) , for that tax period.
(4)
This section has effect despite sections 21-5 and 21-10 (which are about adjustments for writing off and recovering suppliers' bad debts).
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 126-20 Bad debts (1)You cannot have an * adjustment under Division 21 in relation to a * gambling supply .
(2)
If, in a tax period, you write off as bad the whole or part of the * consideration for a * gambling supply that is due as a debt, but has not been received, the amount written off is to be added to your total monetary prizes, referred to in subsection 126-10(1) , for that tax period.
(3)
However, if, in a tax period, you recover the whole or part of the amount written off, the amount recovered is to be added to your total amounts wagered, referred to in subsection 126-10(1) , for that tax period.
(4)
This section has effect despite sections 21-5 and 21-10 (which are about adjustments for writing off and recovering suppliers' bad debts).
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