A New Tax System (Goods and Services Tax) Act 1999

Chapter 4 - The special rules  

Part 4-4 - Special rules mainly about net amounts and adjustments  

Note:

The special rules in this Part mainly modify the operation of Part 2-4 , but they may affect other Parts of Chapter 2 in minor ways.

Division 123 - Simplified accounting methods for retailers and small enterprise entities  

123-10   Choosing to apply a simplified accounting method  

(1)  
You may, by notifying the Commissioner in the * approved form :


(a) choose to apply a * simplified accounting method if you are a * retailer of the kind to whom the method is available; or


(aa) choose to apply a * simplified accounting method if you are a * small enterprise entity of the kind to whom the method is available; or


(b) revoke your choice under paragraph (a) or (aa).

(2)  
However, you:


(a) cannot revoke the choice within 12 months after the day on which you made the choice; and


(b) cannot make a further choice as a * retailer within 12 months after the day on which you revoked a previous choice as a retailer; and


(ba) cannot make a further choice as a * small enterprise entity within 12 months after the day on which you revoked a previous choice as a small enterprise entity; and


(c) cannot choose to apply a *simplified accounting method in addition to another simplified accounting method.

(3)  
Your choice to apply a * simplified accounting method has effect from the start of the tax period specified in your notice.

(4)  
Your choice to apply a * simplified accounting method ceases to have effect:


(a) if you made your choice as a * retailer and cease to be a retailer of the kind to whom the method is available - from the start of the tax period occurring after the day on which you cease to be such a retailer; or


(aa) if you made your choice as a * small enterprise entity and cease to be a small enterprise entity of the kind to whom the method is available - from the start of the tax period occurring after the day on which you cease to be such a small enterprise entity; or


(b) if you revoke your choice to apply the method - from the start of the tax period specified in your notice of revocation.




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