A New Tax System (Goods and Services Tax) Act - Australia

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to the Taxation Administration Act 1953).

      29–5 °Ceasing to account on a cash basis

      (1) You cease to *account on a cash basis if:

      (a) in a case to which paragraph 29–40(1)(a) applied — you are not a *small business entity of the kind referred to in that paragraph for an *income year and you do not have permission to *account on a cash basis; or

      (ab) in a case to which paragraph 29–40(1)(ab) applied — you do not satisfy the requirements of that paragraph and you do not have permission to account on a cash basis; or

      (b) you notify the Commissioner, in the *approved form, that you are ceasing to *account on a cash basis.

      (2) The date of effect of your cessation is the first day of the next tax period to commence after:

      (a) if paragraph (1)(a) applies — the start of the *income year referred to in that paragraph; or

      (b) if paragraph (1)(ab) applies — you do not satisfy the requirements of paragraph 29–40(1)(ab); or

      (c) if paragraph (1)(b) applies — you notify the Commissioner.

      (3) The Commissioner must revoke any permission for you to *account on a cash basis if the Commissioner is satisfied that:

      (a) either:

      (i) you carry on a *business but you are not a *small business entity (other than because of subsection 328–110(4) of the *ITAA 1997) for an *income year; or

      (ii) you do not carry on a business and your *GST turnover meets the *cash accounting turnover threshold; and

      (b) it is not appropriate to permit you to account on a cash basis.

      Note: Revoking your permission to account on a cash basis is a reviewable GST decision (see Subdivision 110-F in Schedule 1 to the Taxation Administration Act 1953).

      (4) The Commissioner must notify you in writing of his or her decision under subsection (3). The notice must specify the date of effect of the revocation, which can be the first day of any tax period starting before, on or after the day on which the Commissioner makes the decision.

      Note: Deciding the date of effect of the revocation of your permission to account on a cash basis is a reviewable GST decision (see Subdivision 110-F in Schedule 1 to the Taxation Administration Act 1953).

      29–69 Special rules relating to accounting on a cash basis

      Chapter 4 contains special rules relating to accounting on a cash basis, as follows:

      Checklist of special rules

      Item

      For this case…

      See:

      1

      Accounting basis of charitable institutions etc.

      Division 157

      Subdivision 29-C — Tax invoices and adjustment notes

      29–70 Tax invoices

      (1) A tax invoice is a document that complies with the following requirements:

      (a) it is issued by the supplier of the supply or supplies to which the document relates, unless it is a *recipient created tax invoice (in which case it is issued by the *recipient);

      (b) it is in the *approved form;

      (c) it contains enough information to enable the following to be clearly ascertained:

      (i) the supplier’s identity and the supplier’s *ABN;

      (ii) if the total *price of the supply or supplies is at least $1,000 or such higher amount as the regulations specify, or if the document was issued by the recipient — the recipient’s identity or the recipient’s ABN;

      (iii) what is supplied, including the quantity (if applicable) and the price of what is supplied;

      (iv) the extent to which each supply to which the document relates is a *taxable supply;

      (v) the date the document is issued;

      (vi) the amount of GST (if any) payable in relation to each supply to which the document relates;

      (vii) if the document was issued by the recipient and GST is payable in relation to any supply — that the GST is payable by the supplier;

      (viii) such other matters as the regulations specify;

      (d) it can be clearly ascertained from the document that the document was intended to be a tax invoice or, if it was issued by the recipient, a recipient created tax invoice.

      Note: If the recipient is a member of a GST group, section 48–57 may relax the requirements relating to the recipient’s identity or the recipient’s ABN.

      (1A) A document issued by an entity to another entity may be treated by the other entity as a *tax invoice for the purposes of this Act if:

      (a) it would comply with the requirements for a tax invoice but for the fact that it does not contain certain information; and

      (b) all of that information can be clearly ascertained from other documents given by the entity to the other entity.

      Note: The requirements for a tax invoices are primarily contained in subsection (1), but can be affected by sections 48–57 and 54–50.

      (1B) However, the Commissioner may treat as a *tax invoice a particular document that would not, apart from this subsection, be a tax invoice.

      Note: A request to the Commissioner, to which the Commissioner agrees, to treat a document as a tax invoice is taken to be a notification of your entitlement to the relevant input tax credit: see subsection 105-55(2A) in Schedule 1 to the Taxation Administration Act 1953.

      (2) The supplier of a *taxable supply must, within 28 days after the *recipient of the supply requests it, give to the recipient a *tax invoice for the supply, unless it is a *recipient created tax invoice.

      (3) A recipient created tax invoice is a *tax invoice belonging to a class of tax invoices that the Commissioner has determined in writing may be issued by the *recipient of a *taxable supply.

      29–75 Adjustment notes

      (1) An adjustment note for an *adjustment that arises from an *adjustment event relating to a *taxable supply:

      (a) must be issued by the supplier of the *taxable supply in the circumstances set out in subsection (2); and

      (b) must set out the *ABN of the entity that issues it; and

      (c) must contain such other information as the Commissioner determines in writing; and

      (d) must be in the *approved form.

      However, the Commissioner may treat as an adjustment note a particular document that is not an adjustment note.

      (2) The supplier of the *taxable supply must:

      (a) within 28 days after the *recipient of the supply requests the supplier to give an *adjustment note for the *adjustment relating to the supply; or

      (b) if the supplier has issued a *tax invoice in relation to the supply (or the recipient has requested one) and the supplier becomes aware of the adjustment before an adjustment note is requested — within 28 days after becoming aware of that fact;

      give to the recipient an *adjustment note for the *adjustment, unless any *tax invoice relating to the supply would have been a *recipient created tax invoice (in which case it must be issued by the recipient).

      (3) However, in circumstances that the Commissioner determines in writing, paragraph (2)(b) has effect as if the number of days referred to in that paragraph is the number of days specified in the determination in relation to those circumstances.

      (4) Those circumstances may, for example,

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