Indirect Tax Laws Amendment (Assessment) Act 2012 (39 of 2012)

Schedule 3   Net amounts

A New Tax System (Goods and Services Tax) Act 1999

4   After subsection 123-15(1)

Insert:

(1A) 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.