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 .

 View history note

 Hide history note

History

S 17-5(1) amended by No 34 of 2014, s 3 and Sch 2 item 2, by substituting the note, applicable in relation to working out your net amount for a tax period starting on or after 31 May 2014. The note formerly read:

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

(2)    

View history reference

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.

 View history note

 Hide history note

History

S 17-5(2) substituted by No 39 of 2012, s 3 and Sch 3 item 1, effective 1 July 2012. S 17-5(2) formerly read:

(2)
However, the *net amount for the tax period may be increased or decreased if you have any *adjustments for the tax period.

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.