A New Tax System (Goods and Services Tax) Act 1999
Note:Division 126 - Gambling 126-5 Global accounting system for gambling supplies (1)
If you are liable for the GST on a * gambling supply , your net amount for the tax period to which the GST on the supply is attributable is as follows:
Global GST amount + Other GST - Input tax credits
Any supplies under the global accounting system will not have attracted input tax credits.
For the basic rules on what is attributable to a particular period, see Division 29 .(2)
However, the * net amount worked out under subsection (1) for the tax period:
(a) may be increased or decreased if you have any * adjustments for the tax period; and
(b) may be increased or decreased under Subdivision 21-A of the * Wine Tax Act ; and
(c) may be increased or decreased under Subdivision 13-A of the A New Tax System (Luxury Car Tax) Act 1999 .
See Part 2-4 for the basic rules on adjustments.
Under Subdivision 21-A of the Wine Tax Act, amounts of wine tax increase the net amount, and amounts of wine tax credits reduce the net amount.
Under Subdivision 13-A of the A New Tax System (Luxury Car Tax) Act 1999 , amounts of luxury car tax increase the net amount, and luxury car tax adjustments alter the net amount.
S 126-5(2) substituted by No 39 of 2012, s 3 and Sch 3 item 5, effective 1 July 2012. S 126-5(2) formerly read:
However, the *net amount for the tax period may be increased or decreased if you have any *adjustments for the tax period.
For the basic rules on adjustments, see Part 2-4.
This section has effect despite section 17-5 (which is about net amounts).
If you are a *GST instalment payer your net amount is reduced by GST instalments you have paid: see section 162-105.
S 126-5(3) amended by No 73 of 2001, s 3 and Sch 1 item 28, by inserting the Note, applicable in relation to net amounts for tax periods starting, or that started, on or after 1 July 2000.
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