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

14   Subsection 29-50(2)

Repeal the subsection, substitute:

(2) The date of effect of your cessation is the first day of the next tax period to commence after:

(a) if paragraph (1)(a) applies - the start of the *income year referred to in that paragraph; or

(b) if paragraph (1)(ab) applies - you do not satisfy the requirements of paragraph 29-40(1)(ab); or

(c) if paragraph (1)(b) applies - you notify the Commissioner.