Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 123.7

  (1)   An entity is a small enterprise entity at a particular time if:

  (a)   the entity is a * small business entity (other than because of subsection   328 - 110(4) of the * ITAA 1997) for the * income year in which the time occurs; or

  (aa)   the entity is an entity covered by subsection   (1A) for the income year in which the time occurs; or

  (b)   at that time, the entity does not carry on a business and its * GST turnover does not exceed the * small enterprise turnover threshold.

  (1A)   An entity is covered by this subsection for an * income year if:

  (a)   the entity is not a * small business entity (other than because of subsection   328 - 110(4) of the * ITAA 1997) for the income year; and

  (b)   the entity would be such a small business entity for the income year if:

  (i)   each reference in Subdivision   328 - C (about what is a small business entity) of that Act to $10 million were instead a reference to $50 million; and

  (ii)   the reference in paragraph   328 - 110(5)(b) of that Act to a small business entity were instead a reference to an entity covered by this subsection.

  (2)   The small enterprise turnover threshold is $2 million.