A New Tax System (Goods and Services Tax) Act 1999
17‑5 Net amounts17‑5 Net amounts
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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.