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 123 - Simplified accounting methods for retailers and small enterprise entities  

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History

Div 123 (heading) substituted by No 112 of 2007, s 3 and Sch 1 item 3, applicable in relation to net amounts for tax periods starting on or after 1 July 2007. The heading formerly read:

Division 123 - Simplified accounting methods for retailers

Div 123 inserted by No 176 of 1999, s 3 and Sch 1 item 111, effective 1 July 2000.

123-15   Net amounts  

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(1)    

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If you are a * retailer or a * small enterprise entity who has chosen to apply a * simplified accounting method , the net amount for a tax period during which the choice has effect is worked out using the method provided for by the simplified accounting method.

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S 123-15(1) amended by No 39 of 2012, s 3 and Sch 3 items 2 and 3, by substituting " net amount " for " net amount " and " simplified accounting method " for " method " (last occurring), effective 1 July 2012.

S 123-15(1) amended by No 112 of 2007, s 3 and Sch 1 item 13, by inserting " or a *small enterprise entity " after " *retailer " , applicable in relation to net amounts for tax periods starting on or after 1 July 2007.

(1A)    

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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.

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S 123-15(1A) inserted by No 39 of 2012, s 3 and Sch 3 item 4, effective 1 July 2012.

(2)    
This section has effect despite section 17-5 (which is about net amounts).

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History

S 123-15 inserted by No 176 of 1999, s 3 and Sch 1 item 111, effective 1 July 2000.

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