Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

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

Net amounts

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

Start formula GST minus Input tax credits end 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.


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback