Federal Register of Legislation
Legislative Instrument
Goods and Services Tax: Simplified Accounting Methods Determination 2017 for Retailers who sell Food – Business Norms, Stock Purchases and Snapshot Methods
I, Jeremy Geale, Deputy Commissioner of Taxation, make this determination under subsection 123-5(1) of the A New Tax System (Goods and Services Tax) Act 1999 (GST Act).
Jeremy Geale Deputy Commissioner of Taxation Dated: 12 September 2017
1. Name of determination
This determination is the Goods and Services Tax: Simplified Accounting Methods Determination 2017 for Retailers who sell Food – Business Norms, Stock Purchases and Snapshot Methods.
2. Commencement
This determination commences on the day after registration on the Federal Register of Legislation.
3. Repeal of previous determination
(1) This determination repeals and replaces Simplified GST Accounting Methods Legislative Instrument (No. 1) 2007 - F2007L02577, registered on 14 August 2007.
(2) This determination is substantially the same as the previous determination that it replaces. If you were eligible to use a particular simplified accounting method (SAM) specified in the previous determination, you will continue to be eligible to use that SAM under this determination.
4. Determination (Who is covered by this determination)
(1) You may use a SAM specified in this determination if you:
(a) are a retailer that sells food that is subject to GST and food that is GST-free from the same premises; and
(b) have a SAM turnover that is $2 million or less; and
(c) do not have adequate point-of-sale equipment; and
(d) satisfy the requirements for that particular SAM.
Note: 1. Terms defined in section 8 of this determination are shown in bold italics when used.
5. Method 1: Business norms method
(1) Under the business norms method, if you are a retailer specified in the following table, work out for each tax period:
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