Document ID: chunk:federal_register_of_legislation:C2010C00262:clause:2_68
Version: federal_register_of_legislation:C2010C00262
Segment Type: clause
Provision Reference: sch 2 cl 68
Character Range: 25427–26218

68  Transitional—choice to account on a cash basis

(1) This item applies to you if:
 (a) before 1 July 2007, you chose to account on a cash basis under paragraph 29‑40(1)(a) of the A New Tax System (Goods and Services Tax) Act 1999; and
 (b) your choice was in effect immediately before 1 July 2007.

(2) If you are carrying on a business on 1 July 2007, your choice continues to have effect as if it had been made under paragraph 29‑40(1)(a) of the A New Tax System (Goods and Services Tax) Act 1999, as inserted by Part 1 of this Schedule.

(3) If you are not carrying on a business on 1 July 2007, your choice continues to have effect as if it had been made under paragraph 29‑40(1)(ab) of the A New Tax System (Goods and Services Tax) Act 1999, as inserted by Part 1 of this Schedule.