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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  

Note:

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 131 - Annual apportionment of creditable purpose    View history reference

Subdivision 131-A - Electing to have annual apportionment    View history reference

131-5  Eligibility to make an annual apportionment election  

 View history reference

(1)  

You are eligible to make an *annual apportionment election if:


(a) either:

(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
 View history reference


(b) you have not made any election under section 162-15 to pay GST by instalments (other than such an election that is no longer in effect); and


(c) you have not made any *annual tax period election (other than such an election that is no longer in effect).

(2)  

The annual apportionment turnover threshold is:


(a) $2 million; or


(b) such higher amount as the regulations specify.


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
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