A New Tax System (Indirect Tax and Consequential Amendments) Act (No. 2) 1999 (177 of 1999)

Schedule 1   Indirect Tax Acts

Part 1   Amendment of the A New Tax System (Goods and Services Tax) Act 1999

142   Section 195-1

Insert:

net GST : the net GST that is or would be payable by an entity for a supply is:

(a) the GST that is or would be payable by the entity on the supply; plus

(b) the sum of any *increasing adjustments that the entity has or would have relating to the supply; minus

(c) the sum of any *decreasing adjustments that the entity has or would have relating to the supply.