A New Tax System (Indirect Tax and Consequential Amendments) Act 1999 (176 of 1999)

Schedule 1   Indirect Tax Acts

Part 1   Amendment of the A New Tax System (Goods and Services Tax) Act 1999

37   Subsection 29-40(1)

Repeal the subsection, substitute:

(1) If:

(a) your *annual turnover does not exceed the *cash accounting turnover threshold; or

(b) for income tax purposes, you account for your income using the receipts method; or

(c) each of the *enterprises that you *carry on is an enterprise of a kind that the Commissioner determines, in writing, to be a kind of enterprise in respect of which a choice to *account on a cash basis may be made under this section;

you may choose to account on a cash basis, with effect from the first day of the tax period that you choose.