(1) You may choose to * account on a cash basis, with effect from the first day of the tax period that you choose, if:
(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
(b) for income tax purposes, you account for your income using the receipts method; or
(c) each of the * enterprises that you * carry on is an enterprise of a kind that the Commissioner determines, in writing, to be a kind of enterprise in respect of which a choice to * account on a cash basis may be made under this section.
(3) The cash accounting turnover threshold is:
(a) $2 million; or
(b) such higher amount as the regulations specify.