Commonwealth Consolidated Acts Commonwealth Consolidated ActsA New Tax System (Goods and Services Tax) Act 1999
1 Section 23 - 1 (diagram)
Repeal the diagram, substitute:
2 Paragraph 23 - 5(b)
Omit " * annual turnover", substitute " * GST turnover".
3 Subsection 23 - 10(1)
Omit "your turnover", substitute "your * GST turnover".
4 Paragraph 27 - 15(1)(a)
Omit " * annual turnover", substitute " * GST turnover".
5 Subsection 27 - 20(1)
Omit " * annual turnover", substitute " * GST turnover".
6 Subsection 27 - 22(1)
Omit " * annual turnover", substitute " * GST turnover".
7 Paragraph 27 - 37(1)(a)
Omit " * annual turnover", substitute " * GST turnover".
8 Subsection 29 - 40(1)
Omit "If", substitute "You may choose to * account on a cash basis, with effect from the first day of the tax period that you choose, if".
9 Paragraph 29 - 40(1)(a)
Repeal the paragraph, substitute:
(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
(ab) you do not carry on a * business and your * GST turnover does not exceed the * cash accounting turnover threshold; or
10 Paragraph 29 - 40(1)(c)
Omit "this section;", substitute "this section.".
11 Subsection 29 - 40(1)
Omit "you may choose to account on a cash basis, with effect from the first day of the tax period that you choose.".
12 Paragraph 29 - 40(3)(a)
Repeal the paragraph, substitute:
(a) $2 million; or
13 Paragraph 29 - 50(1)(a)
Repeal the paragraph, substitute:
(a) in a case to which paragraph 29 - 40(1)(a) applied--you are not a * small business entity of the kind referred to in that paragraph for an * income year and you do not have permission to * account on a cash basis; or
(ab) in a case to which paragraph 29 - 40(1)(ab) applied--you do not satisfy the requirements of that paragraph and you do not have permission to account on a cash basis; or
14 Subsection 29 - 50(2)
Repeal the subsection, substitute:
(2) The date of effect of your cessation is the first day of the next tax period to commence after:
(a) if paragraph (1)(a) applies--the start of the * income year referred to in that paragraph; or
(b) if paragraph (1)(ab) applies--you do not satisfy the requirements of paragraph 29 - 40(1)(ab); or
(c) if paragraph (1)(b) applies--you notify the Commissioner.
15 Paragraph 29 - 50(3)(a)
Repeal the paragraph, substitute:
(a) either:
(i) you carry on a * business but you are not a * small business entity (other than because of subsection 328 - 110(4) of the * ITAA 1997) for an * income year; or
(ii) you do not carry on a business and your * GST turnover meets the * cash accounting turnover threshold; and
16 Subsection 31 - 25(2)
Omit " * annual turnover", substitute " * GST turnover".
17 Subsection 33 - 10(2)
Omit " * annual turnover", substitute " * GST turnover".
18 Subsection 57 - 35(1)
Omit " * annual turnover", substitute " * GST turnover".
19 Subsection 83 - 25(1)
Omit " * annual turnover", substitute " * GST turnover".
20 Subsection 83 - 30(1)
Omit " * annual turnover", substitute " * GST turnover".
21 Subsection 84 - 5(2)
Omit " * annual turnover", substitute " * GST turnover".
22 Paragraph 131 - 5(1)(a)
Repeal the paragraph, substitute:
(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
23 Paragraph 131 - 20(1)(c)
Repeal the paragraph, substitute:
(c) in a case to which subparagraph 131 - 5(1)(a)(i) applied--you are not a * small business entity of the kind referred to in that subparagraph for an * income year; or
(d) in a case to which subparagraph 131 - 5(1)(a)(ii) applied--on 31 July in a * financial year, you do not satisfy the requirements of that subparagraph.
24 Subsection 131 - 20(5) (heading)
Repeal the heading, substitute:
Not being a small business entity for an income year
25 Subsection 131 - 20(5)
Omit "31 July in the * financial year", substitute "the first day of the * income year".
26 At the end of section 131 - 20
Add:
Failing to satisfy the requirements of subparagraph 131 - 5(1)(a)(ii)
(6) If paragraph (1)(d) applies, your election is taken to have ceased to have effect from the start of the tax period in which 31 July in the * financial year referred to in that paragraph falls.
27 Paragraph 144 - 5(2)(a)
Omit " * annual turnover", substitute " * GST turnover".
28 Paragraph 149 - 10(1)(b)
Omit " * annual turnover", substitute " * GST turnover".
29 Subsection 157 - 10(1)
Omit "Paragraph 29 - 50(1)(a)", substitute "Paragraphs 29 - 50(1)(a) and (ab)".
30 Paragraph 162 - 5(1)(a)
Repeal the paragraph, substitute:
(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 * instalment turnover threshold; and
31 Paragraph 162 - 30(1)(c)
Repeal the paragraph, substitute:
(c) in a case to which subparagraph 162 - 5(1)(a)(i) applied--you are not a * small business entity of the kind referred to in that subparagraph for an * income year; or
(ca) in a case to which subparagraph 162 - 5(1)(a)(ii) applied--on 31 July in a * financial year, you do not satisfy the requirements of that subparagraph; or
32 Subsection 162 - 30(5) (heading)
Repeal the heading, substitute:
Not being a small business entity for an income year
33 Subsection 162 - 30(5)
Omit "the start of the * financial year", substitute "1 July in the * income year".
34 After subsection 162 - 30(5)
Insert:
Failing to satisfy the requirements of subparagraph 162 - 5(1)(a)(ii)
(5A) If paragraph (1)(ca) applies, your election is taken to have ceased to have effect from the start of the * financial year referred to in that paragraph.
35 Division 188 (heading)
Repeal the heading, substitute:
Division 188 -- Meaning of GST turnover
36 Section 188 - 1
Omit "annual turnover" (wherever occurring), substitute "GST turnover".
37 Section 188 - 5 (note 2)
Repeal the note, substitute:
Note 2: Items 3, 4A and 5 of the table apply to you only if you do not carry on a business.
Note 3: This section is an explanatory section.
38 Section 188 - 10 (heading)
Repeal the heading, substitute:
188 - 10 Whether your GST turnover meets, or does not exceed, a turnover threshold
39 Subsection 188 - 10(1)
Omit "an annual turnover ", substitute "a GST turnover ".
40 Paragraphs 188 - 10(1)(a) and (b)
Omit "annual turnover" (wherever occurring), substitute "GST turnover".
41 Subsection 188 - 10(2)
Omit "an annual turnover ", substitute "a GST turnover ".
42 Paragraphs 188 - 10(2)(a) and (b)
Omit "annual turnover" (wherever occurring), substitute "GST turnover".
43 Section 188 - 15 (heading)
Repeal the heading, substitute:
44 Subsections 188 - 15(1), (2) and (3)
Omit " current annual turnover ", substitute " current GST turnover ".
45 Section 188 - 20 (heading)
Repeal the heading, substitute:
188 - 20 Projected GST turnover
46 Subsections 188 - 20(1), (2) and (3)
Omit " projected annual turnover ", substitute " projected GST turnover ".
47 Section 188 - 22
Omit "annual turnover" (wherever occurring), substitute "GST turnover".
48 Section 188 - 23 (heading)
Repeal the heading, substitute:
49 Section 188 - 23
Omit "annual turnover" (wherever occurring), substitute "GST turnover".
50 Subsections 188 - 24(1) and (2)
Omit "annual turnover" (wherever occurring), substitute "GST turnover".
51 Section 188 - 25
Omit "annual turnover", substitute "GST turnover".
52 Subsection 188 - 40(1)
Omit "annual turnover" (wherever occurring), substitute "GST turnover".
53 Section 195 - 1 (definition of annual turnover )
Repeal the definition.
54 Section 195 - 1 (definition of current annual turnover )
Repeal the definition.
55 Section 195 - 1
Insert:
"current GST turnover" has the meaning given by section 188 - 15.
Note: This meaning is affected by section 188 - 22.
56 Section 195 - 1
Insert:
"GST turnover" :
(a) in relation to meeting a * turnover threshold--has the meaning given by subsection 188 - 10(1); and
(b) in relation to not exceeding a * turnover threshold--has the meaning given by subsection 188 - 10(2).
57 Section 195 - 1 (definition of projected annual turnover )
Repeal the definition.
58 Section 195 - 1
Insert:
"projected GST turnover" has the meaning given by section 188 - 20.
Note: This meaning is affected by sections 188 - 22 and 188 - 25.
59 Section 195 - 1
Insert:
"small business entity" has the meaning given by subsection 995 - 1(1) of the * ITAA 1997.
60 Section 195 - 1 (definition of turnover threshold )
Repeal the definition, substitute:
"turnover threshold" has the meaning given by subsection 188 - 10(3).
Part 2 -- Consequential amendments
Income Tax Assessment Act 1997
61 Paragraph 974 - 75(6)(b)
Omit "annual turnover", substitute " * GST turnover".
62 Subsection 974 - 75(7)
Omit "annual turnover", substitute " * GST turnover".
63 Subsection 995 - 1(1) (definition of current annual turnover )
Repeal the definition.
64 Subsection 995 - 1(1)
Insert:
"current GST turnover" has the meaning given by section 195 - 1 of the * GST Act.
65 Subsection 995 - 1(1)
Insert:
"GST turnover" has the meaning given by section 195 - 1 of the * GST Act.
Taxation Administration Act 1953
66 Paragraphs 286 - 80(3)(c) and (4)(c) in Schedule 1
Omit "annual turnover", substitute "GST turnover".
Part 3 -- Application and transitional
67 Application
(1) The amendments made by Part 1 of this Schedule, and items 68, 69 and 70 of this Part, apply in relation to net amounts for tax periods starting on or after 1 July 2007.
(2) The amendments made by items 61, 62 and 65 of Part 2 of this Schedule apply in relation to the 2007 - 08 income year and later income years.
(3) The amendments made by items 63, 64 and 66 of Part 2 of this Schedule apply in relation to the year starting on 1 July 2007 and later years.
68 Transitional--choice to account on a cash basis
(1) This item applies to you if:
(a) before 1 July 2007, you chose to account on a cash basis under paragraph 29 - 40(1)(a) of the A New Tax System (Goods and Services Tax) Act 1999 ; and
(b) your choice was in effect immediately before 1 July 2007.
(2) If you are carrying on a business on 1 July 2007, your choice continues to have effect as if it had been made under paragraph 29 - 40(1)(a) of the A New Tax System (Goods and Services Tax) Act 1999 , as inserted by Part 1 of this Schedule.
(3) If you are not carrying on a business on 1 July 2007, your choice continues to have effect as if it had been made under paragraph 29 - 40(1)(ab) of the A New Tax System (Goods and Services Tax) Act 1999 , as inserted by Part 1 of this Schedule.
69 Transitional--election to have annual apportionment
(1) This item applies to you if:
(a) before 1 July 2007, you made an annual apportionment election under subsection 131 - 10(1) of the A New Tax System (Goods and Services Tax) Act 1999 ; and
(b) your election was in effect immediately before 1 July 2007.
(2) If you are carrying on a business on 1 July 2007, your election continues to have effect as if subparagraph 131 - 5(1)(a)(i) of the A New Tax System (Goods and Services Tax) Act 1999 , as inserted by Part 1 of this Schedule, applied.
(3) If you are not carrying on a business on 1 July 2007, your election continues to have effect as if subparagraph 131 - 5(1)(a)(ii) of the A New Tax System (Goods and Services Tax) Act 1999 , as inserted by Part 1 of this Schedule, applied.
70 Transitional--election to pay GST by instalments
(1) This item applies to you if:
(a) before 1 July 2007, you made an election to pay GST by instalments under subsection 162 - 15(1) of the A New Tax System (Goods and Services Tax) Act 1999 ; and
(b) your election was in effect immediately before 1 July 2007.
(2) If you are carrying on a business on 1 July 2007, your election continues to have effect as if subparagraph 162 - 5(1)(a)(i) of the A New Tax System (Goods and Services Tax) Act 1999 , as inserted by Part 1 of this Schedule, applied.
(3) If you are not carrying on a business on 1 July 2007, your election continues to have effect as if subparagraph 162 - 5(1)(a)(ii) of the A New Tax System (Goods and Services Tax) Act 1999 , as inserted by Part 1 of this Schedule, applied.