Document ID: chunk:federal_register_of_legislation:C2025C00029:section:12:p2
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 12 (pt 2/34)
Character Range: 5082094–5084715

and in subsections (3) and (4) have been increased to $50 million for certain concessions (for example, see subsection 328‑285(2)).
Note 2: If you are or would (if the $10 million thresholds in this subsection and subsection (3) were increased to $50 million) be a small business entity for an income year, you may apply for permission:
(a) under section 61C of the Excise Act 1901 to deliver goods for home consumption (without entering them for that purpose) in respect of a calendar month or a quarter; or
(b) under section 69 of the Customs Act 1901 to deliver like customable goods or excise‑equivalent goods into home consumption (without entering them for that purpose) in respect of a calendar month or, for excise‑equivalent goods, a quarter.
 (2) You work out your *aggregated turnover for the current year for the purposes of subparagraph (1)(b)(ii):
 (a) as at the first day of the current year; or
 (b) if you start to carry on a *business during the current year—as at the day you start to carry on the business.
Note: Subsection 328‑120(5) provides for how to work out your annual turnover (which is relevant to working out your aggregated turnover) if you do not carry on a business for the whole of an income year.

Exception: aggregated turnover for 2 previous income years was $10 million or more
 (3) However, you are not a small business entity for an income year (the current year) because of subparagraph (1)(b)(ii) if:
 (a) you carried on a *business in each of the 2 income years before the current year; and
 (b) your *aggregated turnover for each of those income years was $10 million or more.
Note: Section 328‑110 of the Income Tax (Transitional Provisions) Act 1997 affects the operation of this subsection in relation to the 2007‑08 and 2008‑09 income years.

Additional rule: based on aggregated turnover worked out as at the end of the current income year
 (4) You are also a small business entity for an income year (the current year) if:
 (a) you carry on a *business in the current year; and
 (b) your *aggregated turnover for the current year, worked out as at the end of that year, is less than $10 million.
Note: If you are a small business entity only because of subsection (4), you cannot choose any of the following concessions:
(a) paying PAYG instalments based on GDP‑adjusted notional tax: see section 45‑130 in Schedule 1 to the Taxation Administration Act 1953;
(b) accounting for GST on a cash basis: see section 29‑40 of the GST Act;
(c) making an annual apportionment of input tax credits for acquisitions and importations that are partly creditable: see section 131‑5 of