A New Tax System (Goods and Services Tax) Act. Australia

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СКАЧАТЬ 29-B — Accounting on a cash basis

      29–4 °Choosing to account on a cash basis

      (1) You may choose to *account on a cash basis, with effect from the first day of the tax period that you choose, if:

      (a) 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 choice; or

      (ab) you do not carry on a *business and your *GST turnover does not exceed the *cash accounting turnover threshold; or

      (b) for income tax purposes, you account for your income using the receipts method; or

      (c) each of the *enterprises that you *carry on is an enterprise of a kind that the Commissioner determines, in writing, to be a kind of enterprise in respect of which a choice to *account on a cash basis may be made under this section.

      (3) The cash accounting turnover threshold is:

      (a) $2 million; or

      (b) such higher amount as the regulations specify.

      29–45 Permission to account on a cash basis

      (1) The Commissioner may permit you to *account on a cash basis if:

      (a) you apply to the Commissioner in the *approved form for permission to account on a cash basis; and

      (b) the Commissioner is satisfied that, having regard to:

      (i) the nature and size of the *enterprise that you *carry on; and

      (ii) the nature of the accounting system that you use;

      it is appropriate to permit you to account on a cash basis.

      Note: Refusing to permit you to account on a cash basis is a reviewable GST decision (see Subdivision 110-F in Schedule 1 to the Taxation Administration Act 1953).

      (2) The Commissioner must notify you in writing of any decision he or she makes in relation to you under this section. If the Commissioner decides to permit you to *account on a cash basis, the notice must specify the date of effect of your permission.

      Note: Deciding the date of effect of your permission to account on a cash basis is a reviewable GST decision (see Subdivision 110-F in Schedule 1 to the Taxation Administration Act 1953).

      29–5 °Ceasing to account on a cash basis

      (1) You cease to *account on a cash basis if:

      (a) in a case to which paragraph 29–40(1)(a) applied — you are not a *small business entity of the kind referred to in that paragraph for an *income year and you do not have permission to *account on a cash basis; or

      (ab) in a case to which paragraph 29–40(1)(ab) applied — you do not satisfy the requirements of that paragraph and you do not have permission to account on a cash basis; or

      (b) you notify the Commissioner, in the *approved form, that you are ceasing to *account on a cash basis.

      (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.

      (3) The Commissioner must revoke any permission for you to *account on a cash basis if the Commissioner is satisfied that:

      (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

      (b) it is not appropriate to permit you to account on a cash basis.

      Note: Revoking your permission to account on a cash basis is a reviewable GST decision (see Subdivision 110-F in Schedule 1 to the Taxation Administration Act 1953).

      (4) The Commissioner must notify you in writing of his or her decision under subsection (3). The notice must specify the date of effect of the revocation, which can be the first day of any tax period starting before, on or after the day on which the Commissioner makes the decision.

      Note: Deciding the date of effect of the revocation of your permission to account on a cash basis is a reviewable GST decision (see Subdivision 110-F in Schedule 1 to the Taxation Administration Act 1953).

      29–69 Special rules relating to accounting on a cash basis

      Chapter 4 contains special rules relating to accounting on a cash basis, as follows:

      Checklist of special rules

      Item

      For this case…

      See:

      1

      Accounting basis of charitable institutions etc.

      Division 157

      Subdivision 29-C — Tax invoices and adjustment notes

      29–70 Tax invoices

      (1) A tax invoice is a document that complies with the following requirements:

      (a) it is issued by the supplier of the supply or supplies to which the document relates, unless it is a *recipient created tax invoice (in which case it is issued by the *recipient);

      (b) it is in the *approved form;

      (c) it contains enough information to enable the following to be clearly ascertained:

      (i) the supplier’s identity and the supplier’s *ABN;

      (ii) if the total *price of the supply or supplies is at least $1,000 or such higher amount as the regulations specify, or if the document was issued by the recipient — the recipient’s identity or the recipient’s ABN;

      (iii) what is supplied, including the quantity (if applicable) and the price of what is supplied;

      (iv) the extent to which each supply to which the document relates is a *taxable supply;

      (v) the date the document is issued;

      (vi) the amount of GST (if any) payable in relation to each supply to which the document relates;

      (vii) if the document was issued by the recipient and GST is payable in relation to any supply — that the GST is payable by the supplier;

      (viii) СКАЧАТЬ