Document ID: chunk:federal_register_of_legislation:C2025C00126:section:6:p3
Version: federal_register_of_legislation:C2025C00126
Segment Type: section
Provision Reference: s 6 (pt 3/3)
Character Range: 76883–79240

amount worked out using the following method statement:

      Method statement
           Step 1. Work out, for each *taxable supply, what would, apart from this section, be the amount of GST on the supply.
           Step 2. If the amount for the supply has more decimal places than the number of decimal places allowed by the accounting system used to work out the amount, round the amount (up or down as appropriate) to that number of decimal places.
                  Note: Subsection (4) gives further details of this rounding.
           Step 3. Work out the sum of the amounts worked out under step 1 and (if applicable) step 2 for each supply.
           Step 4. If the sum under step 3 includes a fraction of a cent, round the sum to the nearest cent (rounding 0.5 cents upwards).
 (3) Whether to use paragraph (2)(a) or paragraph (2)(b) to work out the total amount of GST on the supplies is a matter of choice for:
 (a) the supplier if the amount is being worked out to ascertain the supplier's liability for GST; or
 (b) the *recipient of the supplies if the amount is being worked out to ascertain the recipient's entitlement to input tax credits.
 (4) In applying step 2 of the method statement in subsection (2), if:
 (a) the number of decimal places in the amount for the supply exceeds by one decimal place the number of decimal places allowed by the accounting system used to work out the amount; and
 (b) the last digit of the amount (before rounding) is 5;
the amount is rounded upwards to that number of decimal places.

Taxable supplies divided into items
 (5) If one or more *taxable supplies recorded on the same *invoice are divided into 2 or more items:
 (a) subsection (1) does not apply; and
 (b) subsection (2) applies as if each such item represented a separate taxable supply.

Taxable supplies recorded on documents other than invoices
 (6) If one or more *taxable supplies, none of which are recorded on an *invoice, are recorded on a document that is not an invoice, this section applies as if the document were an invoice.

9‑99  Special rules relating to the amount of GST on taxable supplies
  Chapter 4 contains special rules relating to the amount of GST on taxable supplies, as follows:

Checklist of special rules
Item                        For this case ...                                                   See: