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

Chapter 4 - The special rules  

Part 4-4 - Special rules mainly about net amounts and adjustments  

Note:

The special rules in this Part mainly modify the operation of Part 2-4 , but they may affect other Parts of Chapter 2 in minor ways.

Division 123 - Simplified accounting methods for retailers and small enterprise entities  

123-5   Commissioner may determine simplified accounting methods  

(1)    
The Commissioner may determine in writing an arrangement (to be known as a simplified accounting method) that:

(a) specifies the kinds of * retailers to whom it is available and provides a method for working out * net amounts of retailers to whom the method applies; or

(b) specifies the kinds of * small enterprise entities to whom it is available and provides a method for working out * net amounts of small enterprise entities to whom the method applies.

(2)    
The kinds of *retailer specified under paragraph (1)(a) must all be kinds of retailers that:

(a) sell * food ; or

(b) make supplies that are * GST-free under Subdivision 38-G (Non-commercial activities of charities etc.);

in the course or furtherance of * carrying on their * enterprise .

(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.