Taxable Payments Reporting System - Reporting Exemptions for Certain Entities Determination 2019
3. Definitions3. Definitions
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3. Definitions
All references to legislation are to Schedule 1 to the Taxation Administration Act 1953 (TAA) unless otherwise specified.
ABN has the meaning given by the A New Tax System (Australian Business Number) Act 1999.
consideration has the meaning given by the GST Act.
GST Act means the A New Tax System (Goods and Services Tax) Act 1999.
relevant GST turnover, as at the end of a reporting period means:
(a) if the entity has been making supplies for at least 12 months – the entity’s current GST turnover (within the meaning of the GST Act) as at the end of the reporting period; or
(b) otherwise – the entity’s projected GST turnover (within the meaning of the GST Act) as at the end of the reporting period.
reporting period means a period described in paragraph 396-55(a) of Schedule 1 to the TAA that commences on or after 1 July 2019.
supply has the meaning given by the GST Act.