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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 123.10

Choosing to apply a simplified accounting method

             (1)  You may, by notifying the Commissioner in the * approved form:

                     (a)  choose to apply a * simplified accounting method if you are a * retailer of the kind to whom the method is available; or

                    (aa)  choose to apply a * simplified accounting method if you are a * small enterprise entity of the kind to whom the method is available; or

                     (b)  revoke your choice under paragraph (a) or (aa).

             (2)  However, you:

                     (a)  cannot revoke the choice within 12 months after the day on which you made the choice; and

                     (b)  cannot make a further choice as a * retailer within 12 months after the day on which you revoked a previous choice as a retailer; and

                   (ba)  cannot make a further choice as a * small enterprise entity within 12 months after the day on which you revoked a previous choice as a small enterprise entity; and

                     (c)  cannot choose to apply a * simplified accounting method in addition to another simplified accounting method.

             (3)  Your choice to apply a * simplified accounting method has effect from the start of the tax period specified in your notice.

             (4)  Your choice to apply a * simplified accounting method ceases to have effect:

                     (a)  if you made your choice as a * retailer and cease to be a retailer of the kind to whom the method is available--from the start of the tax period occurring after the day on which you cease to be such a retailer; or

                    (aa)  if you made your choice as a * small enterprise entity and cease to be a small enterprise entity of the kind to whom the method is available--from the start of the tax period occurring after the day on which you cease to be such a small enterprise entity; or

                     (b)  if you revoke your choice to apply the method--from the start of the tax period specified in your notice of revocation.



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