Commonwealth Consolidated Acts Commonwealth Consolidated Acts
A New Tax System (Goods and Services Tax) Act 1999
1 Subsection 17 - 5(2)
Repeal the subsection, substitute:
(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.
2 Subsection 123 - 15(1)
Omit "net amount", substitute " net amount ".
3 Subsection 123 - 15(1)
Omit "method" (last occurring), substitute "simplified accounting method".
4 After subsection 123 - 15(1)
Insert:
(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.
5 Subsection 126 - 5(2)
Repeal the subsection ( including the note), substitute:
(2) However, the * net amount worked out under subsection ( 1) 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: See Part 2 - 4 for the basic rules on adjustments.
Note 2: 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 3: 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.
6 Paragraph 162 - 105(a)
After "17 - 5", insert ", 123 - 15".
7 Section 195 - 1 (definition of net amount )
Repeal the definition, substitute:
"net amount" , for a tax period, has the meaning given by section 17 - 5. However:
(a) it has the meaning given by section 162 - 105 if the tax period is an * instalment tax period; or
(b) it has the meaning given by section 123 - 15 if a choice under Division 123 to apply a * simplified accounting method has effect during the tax period, and paragraph ( a) does not apply; or
(c) it has the meaning given by section 126 - 5 if you are liable for GST on a * gambling supply that is attributable to the tax period, and paragraphs ( a) and (b) do not apply.
Note: Subdivision 21 - A of the Wine Tax Act and Subdivision 13 - A of the A New Tax System (Luxury Car Tax) Act 1999 can affect the net amount.
A New Tax System (Luxury Car Tax) Act 1999
8 Section 13 - 5 (heading)
Repeal the heading, substitute:
13 - 5 Net amounts increased by amounts of luxury car tax
9 Section 13 - 5
Omit "adding".
A New Tax System (Wine Equalisation Tax) Act 1999
10 Section 21 - 5 (heading)
Repeal the heading, substitute:
21 - 5 Net amounts increased by amounts of wine tax
11 Subsection 21 - 5(1)
Omit "adding".
12 Section 21 - 15 (heading)
Repeal the heading, substitute:
21 - 15 Net amounts reduced by amounts of wine tax credits
13 Section 21 - 15
Omit "subtracting".