S 960-350 repealed by
No 80 of 2007
, s 3 and Sch 8 item 2, applicable in relation to the 2007-08 income year and later income years. S 960-350 formerly read:
SECTION 960-350 Recalculating average turnover for opening years
960-350(1)
You may choose to recalculate your *average turnover for an income year before the 2001-02 income year (the
calculation year
) under this section if you would not be a *small business taxpayer for that year because your average turnover for that year is not less than $1,000,000.
960-350(2)
You make the recalculation in this way:
Method statement
Step 1.
Ignore your *group turnover (if any) for each of the 2 income years preceding the calculation year.
Step 2.
Make a reasonable estimate of your *group turnover for each of the 2 income years following the calculation year (ignoring either or both of those years if you do not expect to be carrying on a *business at any time in that year).
Step 3.
Work out the average of your *group turnover for the calculation year and the estimates you made for the 2 following years (if any).
Step 4.
If the amount from step 3 is less than $1,000,000, you are a
small business taxpayer
for the calculation year.
S 960-350 inserted by No 164 of 1999.
View history note
Hide history note