Indirect Tax Laws Amendment (Assessment) Act 2012 (39 of 2012)
Schedule 3 Net amounts
A New Tax System (Goods and Services Tax) Act 1999
7 Section 195-1 (definition of net amount )
Repeal the definition, substitute:
net amount , for a tax period, has the meaning given by section 17-5. However:
(a) it has the meaning given by section 162-105 if the tax period is an *instalment tax period; or
(b) it has the meaning given by section 123-15 if a choice under Division 123 to apply a *simplified accounting method has effect during the tax period, and paragraph (a) does not apply; or
(c) it has the meaning given by section 126-5 if you are liable for GST on a *gambling supply that is attributable to the tax period, and paragraphs (a) and (b) do not apply.
Note: Subdivision 21-A of the Wine Tax Act and Subdivision 13-A of the A New Tax System (Luxury Car Tax) Act 1999 can affect the net amount.