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
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.
126-5 Global accounting system for gambling supplies
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
global GST amount is your *global GST amount for the tax period.
input tax credits is the sum of all of the input tax credits to which you are entitled on the *creditable acquisitions and *creditable importations that are attributable to the tax period.
Any supplies under the global accounting system will not have attracted input tax credits.
other GST is the sum of all of the GST for which you are liable on the *taxable supplies that are attributable to the tax period, other than *gambling supplies.
For the basic rules on what is attributable to a particular period, see Division 29.
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:
(2) 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.