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
30 Paragraph 162-5(1)(a)
Repeal the paragraph, substitute:
(a) either:
(i) you are a *small business entity (other than because of subsection 328-110(4) of the *ITAA 1997) for the *income year in which you make your election; or
(ii) you do not carry on a *business and your *GST turnover does not exceed the *instalment turnover threshold; and
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