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

Schedule 2   Amendments relating to GST turnover thresholds

Part 3   Application and transitional

69   Transitional - election to have annual apportionment

(1) This item applies to you if:

(a) before 1 July 2007, you made an annual apportionment election under subsection 131-10(1) of the A New Tax System (Goods and Services Tax) Act 1999; and

(b) your election was in effect immediately before 1 July 2007.

(2) If you are carrying on a business on 1 July 2007, your election continues to have effect as if subparagraph 131-5(1)(a)(i) of the A New Tax System (Goods and Services Tax) Act 1999, as inserted by Part 1 of this Schedule, applied.

(3) If you are not carrying on a business on 1 July 2007, your election continues to have effect as if subparagraph 131-5(1)(a)(ii) of the A New Tax System (Goods and Services Tax) Act 1999, as inserted by Part 1 of this Schedule, applied.