Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 131.5

             (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

                     (b)  you have not made any election under section 162-15 to pay GST by instalments (other than such an election that is no longer in effect); and

                     (c)  you have not made any * annual tax period election (other than such an election that is no longer in effect).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