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 (aa) (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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