Audit threshold increase expands cash-compliance exemption, altering which businesses fall within statutory audit coverage. Amendment increases the cash-compliance exemption benchmark that governs applicability of the statutory audit requirement: where aggregate cash receipts and aggregate cash payments do not exceed prescribed proportions of totals, a raised turnover threshold will be treated as the trigger for audit, expanding the class of taxpayers not subject to audit under the proviso and applying from the commencement of the stated financial year for the relevant assessment year and subsequent assessment years.
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Audit threshold increase expands cash-compliance exemption, altering which businesses fall within statutory audit coverage.
Amendment increases the cash-compliance exemption benchmark that governs applicability of the statutory audit requirement: where aggregate cash receipts and aggregate cash payments do not exceed prescribed proportions of totals, a raised turnover threshold will be treated as the trigger for audit, expanding the class of taxpayers not subject to audit under the proviso and applying from the commencement of the stated financial year for the relevant assessment year and subsequent assessment years.
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