A New Tax System (Goods and Services Tax Transition) Act 1999
Part 5
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Special transitional rules
24
Gambling
(1)
If you make a gambling supply before 1 July 2000 relating to a gambling event that happens on or after 1 July 2000, the gambling supply is instead taken to have been made on 1 July 2000 and is attributable to your first tax period after that day.
(2)
In applying section 126-10 of the GST Act to work out your global GST amount, disregard:
(a) all monetary prizes you are liable to pay at any time on the outcome of gambling events that happened before 1 July 2000; and
(b) all amounts of money you are liable to pay, of a kind referred to in paragraph (b) of the definition of total monetary prizes in subsection 126-10(1) , to the extent that they relate to gambling events that happened before 1 July 2000.
If you make a gambling supply before 1 July 2000 relating to a gambling event that happens on or after 1 July 2000, the gambling supply is instead taken to have been made on 1 July 2000 and is attributable to your first tax period after that day.
(2)
In applying section 126-10 of the GST Act to work out your global GST amount, disregard:
(a) all monetary prizes you are liable to pay at any time on the outcome of gambling events that happened before 1 July 2000; and
(b) all amounts of money you are liable to pay, of a kind referred to in paragraph (b) of the definition of total monetary prizes in subsection 126-10(1) , to the extent that they relate to gambling events that happened before 1 July 2000.
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