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

Chapter 2 - The basic rules  

Part 2-6 - Tax periods  

Division 29 - What is attributable to tax periods  

Subdivision 29-B - Accounting on a cash basis  

29-40   Choosing to account on a cash basis  


You may choose to * account on a cash basis , with effect from the first day of the tax period that you choose, if:

(a) 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 choice; or

(ab) you do not carry on a * business and your * GST turnover does not exceed the * cash accounting turnover threshold ; or

(b) for income tax purposes, you account for your income using the receipts method; or

(c) each of the *enterprises that you * carry on is an enterprise of a kind that the Commissioner determines, in writing, to be a kind of enterprise in respect of which a choice to * account on a cash basis may be made under this section.

(Repealed by No 80 of 2006)

(Repealed by No 80 of 2006)

The cash accounting turnover threshold is:

(a) $2 million; or

(b) such higher amount as the regulations specify.

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