A New Tax System (Goods and Services Tax) Act 1999
Note:Division 123 - Simplified accounting methods for retailers and small enterprise entities
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 provides a method for working out * net amounts of retailers to whom the method applies; or
(b) specifies the kinds of * small enterprise entities to whom it is available and provides a method for working out * net amounts of small enterprise entities to whom the method applies.
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 charities etc.);
in the course or furtherance of * carrying on their * enterprise .
The kinds of * small enterprise entities specified under paragraph (1)(b) must all be kinds of small enterprise entities that, in the course or furtherance of * carrying on their * enterprises :
(a) make both:
(i) * taxable supplies ; and
(ii) supplies that are * GST-free ; or
(b) make both:
(i) * creditable acquisitions ; and
(ii) acquisitions that are not creditable acquisitions because the supplies, made to the small enterprise entities, to which the acquisitions relate are GST-free.
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