A New Tax System (Indirect Tax and Consequential Amendments) Act (No. 2) 1999 (177 of 1999)

Schedule 5   Income tax deductions for GST-related expenditure

Income Tax Assessment Act 1997

8   At the end of Division 960


Subdivision 960-R - Pre-GST annual turnover

960-370 Meaning of pre-GST annual turnover

General rule

(1) Your pre-GST annual turnover for an income year is your *group turnover for the income year.

Note: Your pre-GST annual turnover will not be relevant to an income year starting after 30 June 2000, because it is only relevant to deductions for costs related to preparing for the GST (see sections 25-80, 42-168 and 46-62).

New businesses

(2) However, if you, or one or more of the entities *connected with you, did not start to carry on *business until after the start of the income year:

(a) you must make a reasonable estimate of the amount that would have been your *group turnover for the income year if you, and all of the entities connected with you, had carried on business throughout the income year; and

(b) that estimate is your pre-GST annual turnover for the income year.