Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 17.5

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

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.