Document ID: chunk:federal_register_of_legislation:C2010C00262:clause:1_1:p2
Version: federal_register_of_legislation:C2010C00262
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 2/5)
Character Range: 4875–7504

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 $2 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 of 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 the GST Act;

(d) paying GST by quarterly instalments: see section 162‑5 of the GST Act.

Winding up a business previously carried on

 (5) This Subdivision applies to you as if you carried on a *business in an income year if:
 (a) in that year you were winding up a business you previously carried on; and
 (b) you were a *small business entity for the income year in which you stopped carrying on that business.

Note 1: 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.

Note 2: A special rule applies if you were an STS taxpayer under this Division (as in force immediately before the commencement of this section) in the income year in which you stopped carrying on the business: see section 328‑111 of the Income Tax (Transitional Provisions) Act 1997.

328‑115  Meaning of aggregated turnover

 (1) Your aggregated turnover for an income year is the sum of the relevant annual turnovers (see subsection (2)) excluding any amounts covered by subsection (3).

 (2) The relevant annual turnovers are:
 (a) your *annual turnover for the income year; and
 (b) the annual turnover for the income year of any entity (a relevant entity) that is *connected with you at any time during the income year; and
 (c) the annual turnover for the income year of any entity (a relevant entity) that is an *affiliate of yours at any time during the income year.

 (3) Your aggregated turnover for an income year does not include the following amounts:
 (a) amounts *derived in the income year by you or a relevant entity from dealings between you and the relevant entity while the relevant entity is *connected with you or is your *affiliate;
 (b) amounts derived in the income year by a relevant entity from dealings between the relevant entity and another relevant entity while each relevant entity is