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

Chapter 4 - The special rules  

Part 4-4 - Special rules mainly about net amounts and adjustments  

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  

126-5   Global accounting system for gambling supplies  

(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:

Global GST amount + Other GST − Input tax credits

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 worked out under subsection (1) for the tax period:

(a) may be increased or decreased if you have any * adjustments for the tax period; and

(b) may be increased or decreased under Subdivision 21-A of the * Wine Tax Act ; and

(c) may be increased or decreased under Subdivision 13-A of the A New Tax System (Luxury Car Tax) Act 1999 .

Note 1:

See Part 2-4 for the basic rules on adjustments.

Note 2:

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 3:

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.

(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.