15 Aug 077 Simplified GST Accounting Methods Legislative Instrument (No 1) 2007Simplified GST Accounting Methods Legislative Instrument (No 1) 2007 was made under s123-5(1) of the A New Tax System (Goods and Services Tax) Act 1999 on 14 August 2007 and registered on the Federal Register of Legislative Instruments (as Legislative Instrument - F2007L02577) on the same day. 2. This determination replaces the A New Tax System (Goods and Services Tax) (Simplified GST Accounting Methods) Determination 2001.
As a result of an announcement in the May 2006 Federal Budget, the $1 million eligibility threshold for the "business norms" (simplified GST accounting) method is aligned with the $2 million threshold for the other small business concessions. The previous determination is deregistered and replaced with this determination to reflect this announcement. The effect of the determination is that it will apply on and after 1 October 2007 in the same way as the previous determination had applied prior to 1 October 2007, but will do so using a common $2 million threshold.
For a copy of the determination, go here
For a copy of the Explanatory Statement, click on ES/Supp Material