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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 123.15

Net amounts

  (1)   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.

  (1A)   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.

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


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