A New Tax System (Goods and Services Tax) Act 1999
Chapter 4
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The special rules
Part 4-4
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Special rules mainly about net amounts and adjustments
If, for any tax period, your total monetary prizes referred to in subsection 126-10(1) exceed your total amounts wagered referred to in that subsection, the amount of that excess is to be added to your total monetary prizes, referred to in that subsection, for the next tax period.
Note:
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.
Division 126 - Gambling 126-15 Losses carried forwardIf, for any tax period, your total monetary prizes referred to in subsection 126-10(1) exceed your total amounts wagered referred to in that subsection, the amount of that excess is to be added to your total monetary prizes, referred to in that subsection, for the next tax period.
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