Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 17.5

             (1)  The net amount for a tax period applying to you is worked out using the following formula:

where:

"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.

"input tax credits" is the sum of all of the input tax credits to which you are entitled for the ^* creditable acquisitions and ^* creditable importations that are attributable to the tax period.

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.