A New Tax System (Goods and Services Tax) Act 1999

Chapter 4 - The special rules  

Part 4-4 - Special rules mainly about net amounts and adjustments  


The special rules in this Part mainly modify the operation of Part 2-4 , but they may affect other Parts of Chapter 2 in minor ways.

Division 123 - Simplified accounting methods for retailers and small enterprise entities  

123-7   Meaning of small enterprise entity  

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


the entity is an entity covered by subsection (1A) 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 .


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

(ii) the reference in paragraph 328-110(5)(b) of that Act to a small business entity were instead a reference to an entity covered by this subsection.

The small enterprise turnover threshold is $2 million.


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