Document ID: chunk:federal_register_of_legislation:F2015L00566:reg:14
Version: federal_register_of_legislation:F2015L00566
Segment Type: reg
Provision Reference: reg 14
Character Range: 6735–7975

14  Net amounts
 (1) The net amount for an untaxable Commonwealth entity for a tax period is:
where:
GST is the sum of all the amounts of GST for which the entity is notionally liable on the taxable supplies that are attributable to the tax period.
ITC is the sum of all of the input tax credits to which the entity is notionally entitled for the creditable acquisitions and creditable importations that are attributable to the tax period.
LCT is the sum of all the amounts of luxury car tax for which the entity is notionally liable that are attributable to the tax period, other than amounts notionally payable on taxable importations of luxury cars.
WT is the sum of all the amounts of wine tax for which the entity is notionally liable that are attributable to the tax period, other than amounts notionally payable on customs dealings.
WTC is the sum of the wine tax credits to which the entity is notionally entitled that are attributable to the tax period.
 (2) For subsection (1), an amount for which an entity is notionally liable, or to which it is notionally entitled, is attributable to the tax period to which it would be attributable if the entity were actually (instead of notionally) liable for, or entitled to, the amount.