Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 123.10

  (1)   You may, by notifying the Commissioner in the * approved form:

  (a)   choose to apply a * simplified accounting method if you are a * retailer of the kind to whom the method is available; or

  (aa)   choose to apply a * simplified accounting method if you are a * small enterprise entity of the kind to whom the method is available; or

  (b)   revoke your choice under paragraph   (a) or (aa).

  (2)   However, you:

  (a)   cannot revoke the choice within 12 months after the day on which you made the choice; and

  (b)   cannot make a further choice as a * retailer within 12 months after the day on which you revoked a previous choice as a retailer; and

  (ba)   cannot make a further choice as a * small enterprise entity within 12 months after the day on which you revoked a previous choice as a small enterprise entity; and

  (c)   cannot choose to apply a * simplified accounting method in addition to another simplified accounting method.

  (3)   Your choice to apply a * simplified accounting method has effect from the start of the tax period specified in your notice.

  (4)   Your choice to apply a * simplified accounting method ceases to have effect:

  (a)   if you made your choice as a * retailer and cease to be a retailer of the kind to whom the method is available--from the start of the tax period occurring after the day on which you cease to be such a retailer; or

  (aa)   if you made your choice as a * small enterprise entity and cease to be a small enterprise entity of the kind to whom the method is available--from the start of the tax period occurring after the day on which you cease to be such a small enterprise entity; or

  (b)   if you revoke your choice to apply the method--from the start of the tax period specified in your notice of revocation.