Document ID: chunk:federal_register_of_legislation:C2025C00126:section:4:p1
Version: federal_register_of_legislation:C2025C00126
Segment Type: section
Provision Reference: s 4 (pt 1/2)
Character Range: 99211–101855

4                           Resident agents acting for non‑residents           Division 57

Part 2‑4—Net amounts and adjustments

Division 17—Net amounts and adjustments

17‑1  What this Division is about

      A net amount is worked out for each tax period that applies to you.
      Adjustments can be made to the net amount. Increasing adjustments increase your net amount, and decreasing adjustments decrease your net amount.
Note: GST on taxable importations is not included in the net amount. It is dealt with separately under section 33‑15.

17‑5  Net amounts
 (1) The net amount for a tax period applying to you is worked out using the following 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.

17‑10  Adjustments
  If you have any *adjustments that are attributable to a tax period applying to you, alter your *net amount for the period as follows:
 (a) add to the amount worked out under subsection 17‑5(1) for the period the sum of all the *increasing adjustments (if any) that are attributable to the period;
 (b) subtract from that amount the sum of all the *decreasing adjustments (if any) that are attributable to the period.
For the basic rules on what adjustments are attributable to a particular period, see Division 29.

17‑20  Determinations relating to how to work out net amounts
 (1) The Commissioner may make a determination that, in the circumstances specified in the determination, a *net amount for a tax period may be worked out to take account of other matters in the way specified in