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
15 Paragraph 29-50(3)(a)
Repeal the paragraph, substitute:
(a) either:
(i) you carry on a *business but you are not a *small business entity (other than because of subsection 328-110(4) of the *ITAA 1997) for an *income year; or
(ii) you do not carry on a business and your *GST turnover meets the *cash accounting turnover threshold; and
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