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

13   Paragraph 29-50(1)(a)

Repeal the paragraph, substitute:

(a) in a case to which paragraph 29-40(1)(a) applied - you are not a *small business entity of the kind referred to in that paragraph for an *income year and you do not have permission to *account on a cash basis; or

(ab) in a case to which paragraph 29-40(1)(ab) applied - you do not satisfy the requirements of that paragraph and you do not have permission to account on a cash basis; or