A New Tax System (Goods and Services Tax) Act 1999
Note:Division 131 - Annual apportionment of creditable purpose
You are eligible to make an *annual apportionment election if:
(i) you are a *small business entity (other than because of subsection 328-110(4) of the *ITAA 1997) for the *income year in which you make your election; or
(ii) you do not carry on a *business and your *GST turnover does not exceed the *annual apportionment turnover threshold; and
(b) you have not made any election under section 162-15 to pay GST by instalments (other than such an election that is no longer in effect); and
(c) you have not made any *annual tax period election (other than such an election that is no longer in effect).
The annual apportionment turnover threshold is:
(a) $2 million; or
(b) such higher amount as the regulations specify.
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