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.