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

Chapter 6 - Interpreting this Act  

Part 6-2 - Meaning of some important concepts  

Division 188 - Meaning of GST turnover  

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History

Div 188 (heading) substituted by No 80 of 2007, s 3 and Sch 2 item 35, applicable to net amount for tax periods starting on or after 1 July 2007. The heading formerly read:

Division 188 - Meaning of annual turnover

188-25   Transfer of capital assets, and termination etc. of enterprise, to be disregarded  

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In working out your * projected GST turnover , disregard:

(a) any supply made, or likely to be made, by you by way of transfer of ownership of a capital asset of yours; and

(b) any supply made, or likely to be made, by you solely as a consequence of:

(i) ceasing to carry on an * enterprise ; or

(ii) substantially and permanently reducing the size or scale of an enterprise.

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History

S 188-25 amended by No 80 of 2007, s 3 and Sch 2 item 51, by substituting " GST turnover " for " annual turnover " , applicable in relation to net amounts for tax periods starting on or after 1 July 2007.

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