A New Tax System (Goods and Services Tax) Act 1999
Chapter 4
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The special rules
Part 4-4
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Special rules mainly about net amounts and adjustments
You are eligible to make an *annual apportionment election if:
(a) either:
(b) you have not made any election under section 162-15 to pay GST by instalments (other than such an election that is no longer in effect); and
(c) you have not made any *annual tax period election (other than such an election that is no longer in effect).
The annual apportionment turnover threshold is:
(a) $2 million; or
(b) such higher amount as the regulations specify.
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 131 - Annual apportionment of creditable purpose
Subdivision 131-A
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Electing to have annual apportionment
131-5
Eligibility to make an annual apportionment election
(1)
You are eligible to make an *annual apportionment election if:
(a) either:
(i) you are a *small business entity (other than because of subsection 328-110(4) of the *ITAA 1997) for the *income year in which you make your election; or
(ii) you do not carry on a *business and your *GST turnover does not exceed the *annual apportionment turnover threshold; and
(b) you have not made any election under section 162-15 to pay GST by instalments (other than such an election that is no longer in effect); and
(c) you have not made any *annual tax period election (other than such an election that is no longer in effect).
(2)
The annual apportionment turnover threshold is:
(a) $2 million; or
(b) such higher amount as the regulations specify.
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