Document ID: chunk:federal_register_of_legislation:C2025C00126:clause:3_16:p7
Version: federal_register_of_legislation:C2025C00126
Segment Type: clause
Provision Reference: sch 3 cl 16 (pt 7/58)
Character Range: 656895–659494

tax adjustments alter the net amount.
 (3) This section has effect despite section 17‑5 (which is about net amounts).
Note: If you are a *GST instalment payer your net amount is reduced by GST instalments you have paid: see section 162‑105.

126‑10  Global GST amounts
 (1) Your global GST amount for a tax period is as follows:

where:
total amounts wagered is the sum of the *consideration for all of your *gambling supplies that are attributable to that tax period.
total monetary prizes is the sum of:
 (a) the *monetary prizes you are liable to pay, during the tax period, on the outcome of gambling events (whether or not any of those gambling events, or the *gambling supplies to which the monetary prizes relate, take place during the tax period); and
 (b) any amounts of *money or *digital currency you are liable to pay, during the tax period, under agreements between you and *recipients of your gambling supplies, to repay to them a proportion of their losses relating to those supplies (whether or not the supplies take place during the tax period).
For the basic rules on what is attributable to a particular period, see Division 29.
 (2) However, your global GST amount is zero for any tax period in which total monetary prizes exceeds total amounts wagered.
 (3) In working out the total monetary prizes for a tax period, disregard any *monetary prizes you are liable to pay, during the tax period, that relate to supplies that are *GST‑free.
 (4) Your global GST amount for a tax period may be affected by sections 126‑15 and 126‑20.

126‑15  Losses carried forward
  If, for any tax period, your total monetary prizes referred to in subsection 126‑10(1) exceed your total amounts wagered referred to in that subsection, the amount of that excess is to be added to your total monetary prizes, referred to in that subsection, for the next tax period.

126‑20  Bad debts
 (1) You cannot have an *adjustment under Division 21 in relation to a *gambling supply.
 (2) If, in a tax period, you write off as bad the whole or part of the *consideration for a *gambling supply that is due as a debt, but has not been received, the amount written off is to be added to your total monetary prizes, referred to in subsection 126‑10(1), for that tax period.
 (3) However, if, in a tax period, you recover the whole or part of the amount written off, the amount recovered is to be added to your total amounts wagered, referred to in subsection 126‑10(1), for that tax period.
 (4) This section has effect despite sections 21‑5 and 21‑10 (which are about adjustments for writing off and recovering