Treasury Laws Amendment (Black Economy Taskforce Measures No. 2) Act 2018 (141 of 2018)

Schedule 2   Taxable payments reporting system

Taxation Administration Act 1953

3   General exemptions

(1) As from 1 July 2019 or the commencement of this Schedule, whichever is the later, the Commissioner is taken to have:

(a) determined, under subsection 396-70(4) in Schedule 1 to the Taxation Administration Act 1953, the matter in subitem (2); and

(b) revoked the determination of the matter in subitem 3(3) of Schedule 2 to the Treasury Laws Amendment (Black Economy Taskforce Measures No. 1) Act 2018, as amended by the Commissioner if it has been amended.

(2) Where the amended provision requires an entity to prepare and give a report for a transaction that is described in item 12 of the table in that provision and that happens during a particular period (the reporting period ), the entity is not so required if:

(a) the total value of the consideration that:

(i) is received by the entity during the reporting period; and

(ii) relates to the supply by the entity, including by a contractor or subcontractor on behalf of the entity, of a courier service or a road freight service;

is less than 10% of the entity's relevant GST turnover as at the end of the reporting period; and

(b) the transaction is not described in another item of the table in the amended provision; and

(c) the entity has not, before the time by which the amended provision requires the report to be given, or within such further time allowed by the Commissioner, chosen to be required to prepare and give a report for the transaction.

(3) For the purposes of paragraph (2)(c), giving a report for the transaction is sufficient evidence of the making of the choice.

(4) Neither of the following is a legislative instrument:

(a) the determination mentioned in paragraph (1)(a);

(b) the revocation mentioned in paragraph (1)(b).

(5) The Commissioner may, by legislative instrument under subsection 396-70(4) in Schedule 1 to the Taxation Administration Act 1953, repeal or amend the determination mentioned in paragraph (1)(a) as if the Commissioner had made it by legislative instrument under subsection 396-70(4).

Note: See subsection 33(3) of the Acts Interpretation Act 1901. The legislative instrument would provide that the determination is repealed or amended.

(6) For a transaction that happens on or after 1 July 2019 but during an alternative reporting period that begins before 1 July 2019:

(a) the determination mentioned in paragraph (1)(a) does not apply; and

(b) the determination to which paragraph (1)(b) refers applies despite its revocation.

(7) In this item:

alternative reporting period means a period specified under subparagraph 396-55(a)(ii) in Schedule 1 to the Taxation Administration Act 1953 for item 12 of the table in section 396-55.

amended provision means section 396-55 in Schedule 1 to the Taxation Administration Act 1953, as amended by item 1 of this Schedule.

relevant GST turnover , as at the end of a reporting period, means:

(a) if the entity has been making supplies for at least 12 months - the entity's current GST turnover as at the end of the reporting period; or

(b) otherwise - the entity's projected GST turnover, within the meaning of the A New Tax System (Goods and Services Tax) Act 1999, as at the end of the reporting period.