Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 123.5

  (1)   The Commissioner may determine in writing an arrangement (to be known as a simplified accounting method) that:

  (a)   specifies the kinds of * retailers to whom it is available and provides a method for working out * net amounts of retailers to whom the method applies; or

  (b)   specifies the kinds of * small enterprise entities to whom it is available and provides a method for working out * net amounts of small enterprise entities to whom the method applies.

  (2)   The kinds of * retailer specified under paragraph   (1)(a) must all be kinds of retailers that:

  (a)   sell * food; or

  (b)   make supplies that are * GST - free under Subdivision   38 - G (Non - commercial activities of charities etc.);

in the course or furtherance of * carrying on their * enterprise.

  (3)   The kinds of * small enterprise entities specified under paragraph   (1)(b) must all be kinds of small enterprise entities that, in the course or furtherance of * carrying on their * enterprises:

  (a)   make both:

  (i)   * taxable supplies; and

  (ii)   supplies that are * GST - free; or

  (b)   make both:

  (i)   * creditable acquisitions; and

  (ii)   acquisitions that are not creditable acquisitions because the supplies, made to the small enterprise entities, to which the acquisitions relate are GST - free.