A New Tax System (Goods and Services Tax) Act 1999
Note:Division 126 - Gambling 126-10 Global GST amounts (1)
Your global GST amount for a tax period is as follows:
(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 .
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 .
Your global GST amount for a tax period may be affected by sections 126-15 and 126-20 .
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