Commonwealth Numbered Acts Commonwealth Numbered 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".