Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 123.7

             (1)  An entity is a small enterprise entity at a particular time if:

                     (a)  the entity is a * small business entity (other than because of subsection 328-110(4) of the * ITAA 1997) for the * income year in which the time occurs; or

                    (aa)  the entity is an entity covered by subsection (1A) for the income year in which the time occurs; or

                     (b)  at that time, the entity does not carry on a business and its * GST turnover does not exceed the * small enterprise turnover threshold.

          (1A)  An entity is covered by this subsection for an * income year if:

                     (a)  the entity is not a * small business entity (other than because of subsection 328-110(4) of the * ITAA 1997) for the income year; and

                     (b)  the entity would be such a small business entity for the income year if:

                              (i)  each reference in Subdivision 328-C (about what is a small business entity) of that Act to $10 million were instead a reference to $50 million; and

                             (ii)  the reference in paragraph 328-110(5)(b) of that Act to a small business entity were instead a reference to an entity covered by this subsection.

             (2)  The small enterprise turnover threshold is $2 million.