A New Tax System (Goods and Services Tax) Act 1999
29‑40 Choosing to account on a cash basi29‑40 Choosing to account on a cash basis
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29‑40 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.