Your business satisfies the $2 million aggregated turnover requirement if you meet one of the following:
- your aggregated turnover for the previous income year was less than $2 million
- you estimate at the beginning of the current income year that your aggregated turnover for the year will be less than $2 million (and your aggregated turnover in each of the previous two income years was not more than $2 million), or
- your actual aggregated turnover, worked out at the end of the income year, was less than $2 million. You only rely on this test if you do not satisfy either of the other two. If you satisfy this test only, you cannot use the GST and PAYG concessions for the income year.
For more information about these small business entity concessions, see Small business entity concessions.