Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 126.5

             (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:

where:

"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.

Note:          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.

             (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.

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

Note:          If you are a ^* GST instalment payer your net amount is reduced by GST instalments you have paid: see section 162‑105.