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

Chapter 2 - The basic rules  

Part 2-4 - Net amounts and adjustments  

Division 17 - Net amounts and adjustments  

17-5   Net amounts  

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

GST − Input tax credits

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.

Note 1:

For the basic rules on what is attributable to a particular period, see Division 29 .

Note 2:

For further rules if you have excess GST for the period, see Division 142 .

(2)    

However, the * net amount 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:

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.