Document ID: chunk:federal_register_of_legislation:C2025C00126:clause:3_16:p5
Version: federal_register_of_legislation:C2025C00126
Segment Type: clause
Provision Reference: sch 3 cl 16 (pt 5/58)
Character Range: 652251–654779

(2) The small enterprise turnover threshold is $2 million.

123‑10  Choosing to apply a simplified accounting method
 (1) You may, by notifying the Commissioner in the *approved form:
 (a) choose to apply a *simplified accounting method if you are a *retailer of the kind to whom the method is available; or
 (aa) choose to apply a *simplified accounting method if you are a *small enterprise entity of the kind to whom the method is available; or
 (b) revoke your choice under paragraph (a) or (aa).
 (2) However, you:
 (a) cannot revoke the choice within 12 months after the day on which you made the choice; and
 (b) cannot make a further choice as a *retailer within 12 months after the day on which you revoked a previous choice as a retailer; and
 (ba) cannot make a further choice as a *small enterprise entity within 12 months after the day on which you revoked a previous choice as a small enterprise entity; and
 (c) cannot choose to apply a *simplified accounting method in addition to another simplified accounting method.
 (3) Your choice to apply a *simplified accounting method has effect from the start of the tax period specified in your notice.
 (4) Your choice to apply a *simplified accounting method ceases to have effect:
 (a) if you made your choice as a *retailer and cease to be a retailer of the kind to whom the method is available—from the start of the tax period occurring after the day on which you cease to be such a retailer; or
 (aa) if you made your choice as a *small enterprise entity and cease to be a small enterprise entity of the kind to whom the method is available—from the start of the tax period occurring after the day on which you cease to be such a small enterprise entity; or
 (b) if you revoke your choice to apply the method—from the start of the tax period specified in your notice of revocation.

123‑15  Net amounts
 (1) If you are a *retailer or a *small enterprise entity who has chosen to apply a *simplified accounting method, the net amount for a tax period during which the choice has effect is worked out using the method provided for by the simplified accounting method.
 (1A) However, the *net amount worked out under subsection (1) for the tax period:
 (a) may be increased or decreased under Subdivision 21‑A of the *Wine Tax Act; and
 (b) may be increased or decreased under Subdivision 13‑A of the A New Tax System (Luxury Car Tax) Act 1999.
Note 1: Under Subdivision 21‑A of the Wine Tax Act, amounts of wine tax increase the net amount, and amounts of wine tax