Document ID: chunk:federal_register_of_legislation:C2025C00029:section:12:p3
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 12 (pt 3/34)
Character Range: 5084469–5087093

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;
(e) applying for permission under 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: see section 61C of that Act;
(f) applying for permission under the Customs Act 1901 to deliver like customable goods or excise‑equivalent goods for home consumption (without entering them for that purpose) in respect of a calendar month or, for excise‑equivalent goods, a quarter: see section 69 of that 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.

Partners in a partnership
 (6) A person who is a partner in a partnership in an income year is not, in his or her capacity as a partner, a small business entity for the income year.

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).
Note: For small business CGT relief purposes, additional entities may be treated as being connected with you or your affiliate under sections 152‑48 and 152‑78.
 (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