A New Tax System (Goods and Services Tax) Act 1999
Chapter 4
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The special rules
Part 4-4
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Special rules mainly about net amounts and adjustments
123-10
Choosing to apply a simplified accounting method
(1)
You may, by notifying the Commissioner in the * approved form :
(a) choose to apply a * simplified accounting method if you are a * retailer of the kind to whom the method is available; or
(aa) choose to apply a * simplified accounting method if you are a * small enterprise entity of the kind to whom the method is available; or
(b) revoke your choice under paragraph (a) or (aa).
(2)
However, you:
(a) cannot revoke the choice within 12 months after the day on which you made the choice; and
(b) cannot make a further choice as a * retailer within 12 months after the day on which you revoked a previous choice as a retailer; and
(ba) cannot make a further choice as a * small enterprise entity within 12 months after the day on which you revoked a previous choice as a small enterprise entity; and
(c) cannot choose to apply a *simplified accounting method in addition to another simplified accounting method.
(3)
Your choice to apply a * simplified accounting method has effect from the start of the tax period specified in your notice.
(4)
Your choice to apply a * simplified accounting method ceases to have effect:
(a) if you made your choice as a * retailer and cease to be a retailer of the kind to whom the method is available - from the start of the tax period occurring after the day on which you cease to be such a retailer; or
(aa) if you made your choice as a * small enterprise entity and cease to be a small enterprise entity of the kind to whom the method is available - from the start of the tax period occurring after the day on which you cease to be such a small enterprise entity; or
(b) if you revoke your choice to apply the method - from the start of the tax period specified in your notice of revocation.
Note:
The special rules in this Part mainly modify the operation of Part 2-4 , but they may affect other Parts of Chapter 2 in minor ways.
Division 123 - Simplified accounting methods for retailers and small enterprise entities
View history note
Hide history noteYou may, by notifying the Commissioner in the * approved form :
(a) choose to apply a * simplified accounting method if you are a * retailer of the kind to whom the method is available; or
(aa) choose to apply a * simplified accounting method if you are a * small enterprise entity of the kind to whom the method is available; or
(b) revoke your choice under paragraph (a) or (aa).
(2)
However, you:
(a) cannot revoke the choice within 12 months after the day on which you made the choice; and
(b) cannot make a further choice as a * retailer within 12 months after the day on which you revoked a previous choice as a retailer; and
(ba) cannot make a further choice as a * small enterprise entity within 12 months after the day on which you revoked a previous choice as a small enterprise entity; and
(c) cannot choose to apply a *simplified accounting method in addition to another simplified accounting method.
(3)
Your choice to apply a * simplified accounting method has effect from the start of the tax period specified in your notice.
(4)
Your choice to apply a * simplified accounting method ceases to have effect:
(a) if you made your choice as a * retailer and cease to be a retailer of the kind to whom the method is available - from the start of the tax period occurring after the day on which you cease to be such a retailer; or
(aa) if you made your choice as a * small enterprise entity and cease to be a small enterprise entity of the kind to whom the method is available - from the start of the tax period occurring after the day on which you cease to be such a small enterprise entity; or
(b) if you revoke your choice to apply the method - from the start of the tax period specified in your notice of revocation.
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