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  

126-20   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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