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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  

(1)  

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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
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(ab) you do not carry on a *business and your *GST turnover does not exceed the *cash accounting turnover threshold; or
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(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.
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(2)  

(Repealed by No 80 of 2006)

(2A)  

(Repealed by No 80 of 2006)

(3)  

The cash accounting turnover threshold is:


(a) $2 million; or
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(b) such higher amount as the regulations specify.


 



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