Tax Laws Amendment (Small Business) Act 2007 (80 of 2007)

Schedule 2   Amendments relating to GST turnover thresholds

Part 1   Main amendments

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

26   At the end of section 131-20

Add:

Failing to satisfy the requirements of subparagraph 131-5(1)(a)(ii)

(6) If paragraph (1)(d) applies, your election is taken to have ceased to have effect from the start of the tax period in which 31 July in the *financial year referred to in that paragraph falls.