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
34 After subsection 162-30(5)
Insert:
Failing to satisfy the requirements of subparagraph 162-5(1)(a)(ii)
(5A) If paragraph (1)(ca) applies, your election is taken to have ceased to have effect from the start of the *financial year referred to in that paragraph.