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you have not made any election under section   162 - 15 to pay GST by instalments (other than such an election that is no longer in effect); and

  (c)   you have not made any * annual tax period election (other than such an election that is no longer in effect).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