Tax Laws Amendment (Small Business) Act 2007 (80 of 2007)

Schedule 2   Amendments relating to GST turnover thresholds

Part 1   Main amendments

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

15   Paragraph 29-50(3)(a)

Repeal the paragraph, substitute:

(a) either:

(i) you carry on a *business but you are not a *small business entity (other than because of subsection 328-110(4) of the *ITAA 1997) for an *income year; or

(ii) you do not carry on a business and your *GST turnover meets the *cash accounting turnover threshold; and