Treasury Laws Amendment (Refining and Improving Our Tax System) Act 2023 (40 of 2023)

Schedule 4   Aligning excise and customs reporting with other indirect taxes

Income Tax Assessment Act 1997

14   Subsection 328-110(1) (notes 1, 2, and 3)

Repeal the notes, substitute:

Note 1: The $10 million thresholds in this subsection and in subsections (3) and (4) have been increased to $50 million for certain concessions (for example, see subsection 328-285(2)).

Note 2: If you are or would (if the $10 million thresholds in this subsection and subsection (3) were increased to $50 million) be a small business entity for an income year, you may apply for permission:

(a) under section 61C of the Excise Act 1901 to deliver goods for home consumption (without entering them for that purpose) in respect of a calendar month or a quarter; or

(b) under section 69 of the Customs Act 1901 to deliver like customable goods or excise-equivalent goods into home consumption (without entering them for that purpose) in respect of a calendar month or, for excise-equivalent goods, a quarter.