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

Schedule 2   Amendments relating to GST turnover thresholds

Part 3   Application and transitional

68   Transitional - choice to account on a cash basis

(1) This item applies to you if:

(a) before 1 July 2007, you chose to account on a cash basis under paragraph 29-40(1)(a) of the A New Tax System (Goods and Services Tax) Act 1999; and

(b) your choice was in effect immediately before 1 July 2007.

(2) If you are carrying on a business on 1 July 2007, your choice continues to have effect as if it had been made under paragraph 29-40(1)(a) of the A New Tax System (Goods and Services Tax) Act 1999, as inserted by Part 1 of this Schedule.

(3) If you are not carrying on a business on 1 July 2007, your choice continues to have effect as if it had been made under paragraph 29-40(1)(ab) of the A New Tax System (Goods and Services Tax) Act 1999, as inserted by Part 1 of this Schedule.