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

9   Paragraph 29-40(1)(a)

Repeal the paragraph, substitute:

(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