Document ID: chunk:federal_register_of_legislation:C2007A00112:clause:1_7
Version: federal_register_of_legislation:C2007A00112
Segment Type: clause
Provision Reference: sch 1 cl 7
Character Range: 3961–4465

7  After section 123‑5
Insert:

123‑7  Meaning of small enterprise entity

 (1) An entity is a small enterprise entity at a particular time if:
 (a) the entity is a *small business entity (other than because of subsection 328‑110(4) of the *ITAA 1997) for the *income year in which the time occurs; or
 (b) at that time, the entity does not carry on a business and its *GST turnover does not exceed the *small enterprise turnover threshold.

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