Document ID: chunk:federal_register_of_legislation:C2004A00846:clause:1_1:p21
Version: federal_register_of_legislation:C2004A00846
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 21/21)
Character Range: 49549–50657

Entering the STS

  You are an STS taxpayer for an income year if:
 (a) you are eligible to be an *STS taxpayer for that year (see Subdivision 328‑F); and
 (b) you notify the Commissioner, in the *approved form, of your choice to become such a taxpayer for that year.

328‑440  Leaving the STS

 (1) You continue to be an STS taxpayer for each later income year unless:
 (a) you notify the Commissioner, in the *approved form, of your choice to stop being an STS taxpayer; or
 (b) you are not eligible to be an STS taxpayer for that later year (see Subdivision 328‑F).

 (2) If you are not eligible to be an STS taxpayer for that later year, you must notify the Commissioner, in the *approved form, of that fact.

Restriction on re‑entry

 (3) If you choose to stop being an *STS taxpayer, you cannot again become an STS taxpayer until at least 5 years after the income year that you left the STS.

Note: If you stop being an STS taxpayer because of increased turnover or because of the value of your depreciating assets, you can become an STS taxpayer for an income year again as soon as you are eligible.