Tax Laws Amendment (Small Business) Act 2007 (80 of 2007)
Schedule 2 Amendments relating to GST turnover thresholds
Part 1 Main amendments
A New Tax System (Goods and Services Tax) Act 1999
13 Paragraph 29-50(1)(a)
Repeal the paragraph, substitute:
(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
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