Tax Laws Amendment (Simplified GST Accounting) Act 2007 (112 of 2007)

Schedule 1   Amendments

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

6   At the end of section 123-5

Add:

(3) The kinds of *small enterprise entities specified under paragraph (1)(b) must all be kinds of small enterprise entities that, in the course or furtherance of *carrying on their *enterprises:

(a) make both:

(i) *taxable supplies; and

(ii) supplies that are *GST-free; or

(b) make both:

(i) *creditable acquisitions; and

(ii) acquisitions that are not creditable acquisitions because the supplies, made to the small enterprise entities, to which the acquisitions relate are GST-free.