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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 123 - Simplified accounting methods for retailers and small enterprise entities    View history reference

123-15  Net amounts  

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(1)  

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If you are a *retailer or a *small enterprise entity who has chosen to apply a *simplified accounting method, the net amount for a tax period during which the choice has effect is worked out using the method provided for by the simplified accounting method.

(1A)  

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However, the *net amount worked out under subsection (1) for the tax period:


(a) may be increased or decreased under Subdivision 21-A of the *Wine Tax Act; and


(b) may be increased or decreased under Subdivision 13-A of the A New Tax System (Luxury Car Tax) Act 1999.

Note 1:

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.

Note 2:

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.

(2)  

This section has effect despite section 17-5 (which is about net amounts).


 



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