Meaning of turnover and when turnover is of low value
43AAA Meaning of turnover and when turnover is of low value
For this Division (other than Subdivision 3) and subject to regulation 43AABB, a person’s turnover of therapeutic goods for a financial year is of low value if the turnover is $0.
For this Division (other than Subdivision 3) and subject to regulation 43AABB:
a person’s turnover of therapeutic goods for a financial year commencing on or after 1 July 2015 is the gross amount (in dollars) received (excluding GST) from sales (whether direct or indirect) of the goods in Australia by the person for the financial year; and
a person’s turnover of therapeutic goods (other than a biological) for a financial year commencing before 1 July 2015 is the person’s turnover, as defined by regulation 43AAB of these Regulations as in force immediately before 1 July 2015, for the goods.
This Act’s bill:Explanatory statement
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