A New Tax System (Goods and Services Tax) Act 1999
Chapter 2
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The basic rules
Part 2-6
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Tax periods
Division 29
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What is attributable to tax periods
Subdivision 29-B
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Accounting on a cash basis
29-50
Ceasing to account on a cash basis
(1)
You cease to * account on a cash basis if:
(a) in a case to which paragraph 29-40(1)(a) applied - you are not a * small business entity of the kind referred to in that paragraph for an * income year and you do not have permission to * account on a cash basis ; or
(ab) in a case to which paragraph 29-40(1)(ab) applied - you do not satisfy the requirements of that paragraph and you do not have permission to account on a cash basis; or
(b) you notify the Commissioner, in the * approved form , that you are ceasing to * account on a cash basis .
(2)
The date of effect of your cessation is the first day of the next tax period to commence after:
(a) if paragraph (1)(a) applies - the start of the * income year referred to in that paragraph; or
(b) if paragraph (1)(ab) applies - you do not satisfy the requirements of paragraph 29-40(1)(ab) ; or
(c) if paragraph (1)(b) applies - you notify the Commissioner.
(3)
The Commissioner must revoke any permission for you to * account on a cash basis if the Commissioner is satisfied that:
(a) either:
(b) it is not appropriate to permit you to account on a cash basis.
(4)
The Commissioner must notify you in writing of his or her decision under subsection (3) . The notice must specify the date of effect of the revocation, which can be the first day of any tax period starting before, on or after the day on which the Commissioner makes the decision.
(5)
(Repealed by No 80 of 2006)
(6)
(Repealed by No 80 of 2006)
You cease to * account on a cash basis if:
(a) in a case to which paragraph 29-40(1)(a) applied - you are not a * small business entity of the kind referred to in that paragraph for an * income year and you do not have permission to * account on a cash basis ; or
(ab) in a case to which paragraph 29-40(1)(ab) applied - you do not satisfy the requirements of that paragraph and you do not have permission to account on a cash basis; or
(b) you notify the Commissioner, in the * approved form , that you are ceasing to * account on a cash basis .
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The date of effect of your cessation is the first day of the next tax period to commence after:
(a) if paragraph (1)(a) applies - the start of the * income year referred to in that paragraph; or
(b) if paragraph (1)(ab) applies - you do not satisfy the requirements of paragraph 29-40(1)(ab) ; or
(c) if paragraph (1)(b) applies - you notify the Commissioner.
(3)
The Commissioner must revoke any permission for you to * account on a cash basis if the Commissioner is satisfied that:
(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
(b) it is not appropriate to permit you to account on a cash basis.
Note:
Revoking your permission to account on a cash basis is a reviewable GST decision (see Subdivision 110-F in Schedule 1 to the Taxation Administration Act 1953 ).
(4)
The Commissioner must notify you in writing of his or her decision under subsection (3) . The notice must specify the date of effect of the revocation, which can be the first day of any tax period starting before, on or after the day on which the Commissioner makes the decision.
Note:
Deciding the date of effect of the revocation of your permission to account on a cash basis is a reviewable GST decision (see Subdivision 110-F in Schedule 1 to the Taxation Administration Act 1953 ).
(5)
(Repealed by No 80 of 2006)
(6)
(Repealed by No 80 of 2006)
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