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

Chapter 2 - The basic rules  

Part 2-6 - Tax periods  

Division 29 - What is attributable to tax periods  

Subdivision 29-B - Accounting on a cash basis  

29-40   Choosing to account on a cash basis  


You may choose to * account on a cash basis , with effect from the first day of the tax period that you choose, if:

(a) 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 choice; or

(ab) you do not carry on a * business and your * GST turnover does not exceed the * cash accounting turnover threshold ; or

(b) for income tax purposes, you account for your income using the receipts method; or

(c) each of the *enterprises that you * carry on is an enterprise of a kind that the Commissioner determines, in writing, to be a kind of enterprise in respect of which a choice to * account on a cash basis may be made under this section.

(Repealed by No 80 of 2006)

(Repealed by No 80 of 2006)

The cash accounting turnover threshold is:

(a) $2 million; or

(b) such higher amount as the regulations specify.


Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.