A New Tax System (Goods and Services Tax) Act 1999
Note:Division 123 - Simplified accounting methods for retailers and small enterprise entities
An entity is a small enterprise entity at a particular time if:
(a) the entity is a * small business entity (other than because of subsection 328-110(4) of the * ITAA 1997 ) for the * income year in which the time occurs; or
(b) at that time, the entity does not carry on a business and its * GST turnover does not exceed the * small enterprise turnover threshold .
S 123-7(1) will be amended by No 92 of 2020, s 3 and Sch 3 item 1, by inserting para (aa), effective 1 January 2021, applicable in relation to working out whether an entity is a small enterprise entity at or after the start of 1 July 2021. Para (aa) will read:
(aa) the entity is an entity covered by subsection (1A) for the income year in which the time occurs; or
S 123 - 7(1A) will be inserted by No 92 of 2020, s 3 and Sch 3 item 2, effective 1 January 2021, applicable in relation to working out whether an entity is a small enterprise entity at or after the start of 1 July 2021. S 123 - 7(1A) will read:
123 - 7(1A)
An entity is covered by this subsection for an * income year if:
(a) the entity is not a * small business entity (other than because of subsection 328 - 110(4) of the * ITAA 1997 ) for the income year; and
(b) the entity would be such a small business entity for the income year if:
(i) each reference in Subdivision 328 - C (about what is a small business entity) of that Act to $10 million were instead a reference to $50 million; and
The small enterprise turnover threshold is $2 million.
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