A New Tax System (Indirect Tax and Consequential Amendments) Act 1999 (176 of 1999)
Schedule 1 Indirect Tax Acts
Part 1 Amendment of the A New Tax System (Goods and Services Tax) Act 1999
111 Before Division 126
Division 123 - Simplified accounting methods for retailers
123-1 What this Division is about
The Commissioner can create simplified accounting methods that some retailers can choose to apply with a view to reducing their costs of complying with the requirements of the GST.
123-5 Commissioner may determine simplified accounting methods
(1) The Commissioner may determine in writing an arrangement (to be known as a simplified accounting method) that:
(a) specifies the kinds of *retailers to whom it is available; and
(b) provides a method for working out *net amounts of retailers to whom the method applies.
(2) The kinds of *retailer specified under paragraph (1)(a) must all be kinds of retailers that:
(a) sell *food; or
(b) make supplies that are *GST-free under Subdivision 38-G (Non-commercial activities of charitable institutions etc.);
in the course or furtherance of *carrying on their *enterprise.
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
(b) revoke your choice to apply the method.
(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 within 12 months after the day on which you revoked a previous choice; 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 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
(b) if you revoke your choice to apply the method - from the start of the tax period specified in your notice of revocation.
123-15 Net amounts
(1) If you are a *retailer who has chosen to apply a *simplified accounting method, the net amount for a tax period during which the choice has effect is worked out using the method provided for by the method.
(2) This section has effect despite section 17-5 (which is about net amounts).