Commonwealth Consolidated Acts

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

Commissioner may determine simplified accounting methods

             (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.



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