Commonwealth legislation

A New Tax System (Goods and Services Tax) Act 1999 Accounting on a cash basis Determination – Industrial Trade Unions

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

1/10 complexity

This determination lets industrial trade unions use cash-basis GST accounting instead of the usual accrual rules, so GST is paid when money is actually received rather than when invoices are issued.

That change helps unions’ cash flow, reduces the risk of paying GST on unpaid fees, and simplifies bookkeeping; a union can opt in and have the choice apply from the start of its chosen tax period.

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Current sections

Direct links to the current provisions in A New Tax System (Goods and Services Tax) Act 1999 Accounting on a cash basis Determination – Industrial Trade Unions.

A New Tax System (Goods and Services Tax) Act 1999 Accounting on a cash basis Determination – Industrial Trade Unions

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COMMONWEALTH OF AUSTRALIA

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999

DETERMINATION

Under paragraph 29-40(1)(c) of the A New Tax System (Goods and Services Tax) Act 1999 and subsection 4(1) of the Acts Interpretation Act 1901 I make the following determination in respect of Industrial Trade Unions:

Citation

This determination may be cited as: A New Tax System (Goods and Services Tax) Act 1999 Accounting on a cash basis Determination – Industrial Trade Unions.

Choosing to account on a cash basis

2. The Commissioner has determined that Industrial Trade Unions are enterprises of a kind in respect of which a choice to account on a cash basis may be made under section 29-40.

3. An Industrial Trade Union may choose to account on a cash basis, with effect from the first day of the tax period that the Industrial Trade Union choose.

This determination takes effect from 1 July 2000 unless it is withdrawn either by a further determination to you, or there is a specific change in legislation affecting the determination.

Dated this 28 day of June 2000.

Signed by Lawrie Hill

Assistant Deputy Commissioner

GST Public Rulings Unit

Delegate of the Commissioner

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.