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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  


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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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(Repealed by No 80 of 2006)


(Repealed by No 80 of 2006)


The cash accounting turnover threshold is:

(a) $2 million; or
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(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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