A New Tax System (Goods and Services Tax) Act 1999

S 29-40(1) amended by No 80 of 2007, s 3 and Sch 2 items 8 to 11, by substituting " You may choose to *account on a cash basis, with effect from the first day of the tax period that you choose, if " for " If " , substituting paras (a) and (ab) for para (a), substituting " this section. " for " this section; " in para (c) and omitting " you may choose to account on a cash basis, with effect from the first day of the tax period that you choose. " after para (c), applicable in relation to net amounts for tax periods starting on or after 1 July 2007.

Act No 80 of 2007, s 3 and Sch 2 item 68, contained the following transitional provision:

68 Transitional - choice to account on a cash basis  
(1)
This item applies to you if:

(a) before 1 July 2007, you chose to account on a cash basis under paragraph 29-40(1)(a) of the A New Tax System (Goods and Services Tax) Act 1999 ; and

(b) your choice was in effect immediately before 1 July 2007.

(2)
If you are carrying on a business on 1 July 2007, your choice continues to have effect as if it had been made under paragraph 29-40(1)(a) of the A New Tax System (Goods and Services Tax) Act 1999 , as inserted by Part 1 of this Schedule.

(3)
If you are not carrying on a business on 1 July 2007, your choice continues to have effect as if it had been made under paragraph 29-40(1)(ab) of the A New Tax System (Goods and Services Tax) Act 1999 , as inserted by Part 1 of this Schedule.

Para (a) formerly read:

(a) your * annual turnover does not exceed the * cash accounting turnover threshold ; or

S 29-40(1) substituted by No 176 of 1999, s 3 and Sch 1 item 37, effective 1 July 2000. S 29-40(1) formerly read:

(1)
If your *annual turnover does not exceed the *cash accounting turnover threshold, you may choose to *account on a cash basis, with effect from the first day of the tax period that you choose.

S 29-40(2) repealed by No 80 of 2006, s 3 and Sch 12 item 1, applicable in relation to net amounts for tax periods starting on or after 30 June 2006. No 80 of 2006, s 3 and Sch 12 item 2 contains the following saving provision:

Saving provision  
(1)
If:

(a) you made a choice under subsection 29-40(2) of the A New Tax System (Goods and Services Tax) Act 1999 ; and

(b) the choice was in force immediately before the start of the first tax period applying to you that is a tax period starting on or after 30 June 2006;

the choice continues in force after the start of that tax period as if it had been made under section 157-5 of that Act as amended.

(2)
However, this item does not apply, and the choice ceases to be in force from the start of that tax period, if the choice could not have been made after the start of that tax period because of subsection 157-5(3) of that Act as amended.

S 29-40(2) formerly read:

(2)
However, any charitable institution, any trustee of a charitable fund, any * gift-deductible entity or any * government school may choose to * account on a cash basis , with effect from the first day of the tax period that the institution, trustee or entity chooses, whether or not paragraph (1)(a), (b) or (c) applies.

S 29-40(2) amended by No 92 of 2000, s 3 and Sch 1 item 2A, by substituting " , any *gift-deductible entity or any *government school " for " or any *gift-deductible entity " , effective 1 July 2000.

S 29-40(2) amended by No 176 of 1999, s 3 and Sch 1 item 38, by substituting " whether or not paragraph (1)(a), (b) or (c) applies " for " whether or not its *annual turnover exceeds the *cash accounting turnover threshold " , effective 1 July 2000.

S 29-40(2A) repealed by No 80 of 2006, s 3 and Sch 12 item 1, applicable in relation to net amounts for tax periods starting on or after 30 June 2006. S 29-40(2A) formerly read:

(2A)
Subsection (2) does not apply in relation to a charitable institution or a trustee of a charitable fund unless the institution or trustee is an * endorsed charitable institution or an * endorsed trustee of a charitable fund .

Example:

Subsection (2) does not apply in relation to an entity that is both a charitable institution and a gift-deductible entity unless the entity is an endorsed charitable institution.

S 29-40(2A) inserted by No 95 of 2004, s 3 and Sch 10 item 4, applicable in relation to net amounts for tax periods starting on or after 1 July 2005. For transitional provisions, see note under former wording of s 176-5 .

S 29-40(3) amended by No 80 of 2007, s 3 and Sch 2 item 12, by substituting para (a), applicable in relation to net amounts for tax periods starting on or after 1 July 2007. Para (a) formerly read:

(a) $1,000,000; or

S 29-40(3) amended by No 176 of 1999, s 3 and Sch 1 item 39, by substituting " $1,000,000 " for " $500,000 " in para (a), effective 1 July 2000.