Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020 (92 of 2020)

Schedule 3   Increasing small business entity turnover threshold for certain concessions

Part 1   Amendments

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

2   After subsection 123-7(1)


(1A) An entity is covered by this subsection for an *income year if:

(a) the entity is not a *small business entity (other than because of subsection 328-110(4) of the *ITAA 1997) for the income year; and

(b) the entity would be such a small business entity for the income year if:

(i) each reference in Subdivision 328-C (about what is a small business entity) of that Act to $10 million were instead a reference to $50 million; and

(ii) the reference in paragraph 328-110(5)(b) of that Act to a small business entity were instead a reference to an entity covered by this subsection.