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  


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  

123-7   Meaning of small enterprise entity  

An entity is a small enterprise entity at a particular time if:

(a) the entity is a * small business entity (other than because of subsection 328-110(4) of the * ITAA 1997 ) for the * income year in which the time occurs; or

(b) at that time, the entity does not carry on a business and its * GST turnover does not exceed the * small enterprise turnover threshold .

The small enterprise turnover threshold is $2 million.

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