Tax Laws Amendment (Simplified GST Accounting) Act 2007 (112 of 2007)

Schedule 1   Amendments

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

7   After section 123-5


123-7 Meaning of small enterprise entity

(1) 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.

(2) The small enterprise turnover threshold is $2 million.