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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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