The Government has announced the following small business changes in the May 2007 Budget:
From 1 July 2007, a business with annual turnover of less than $75,000 ($150,000 for non-profit bodies) will no longer be required to register for GST.
From 1 July 2008, taxpayers who voluntarily register for GST will be able to pay their PAYG instalments on an annual basis.
From 1 July 2007, any small business that makes mixed (taxable and GST-free) supplies or mixed purchases will be able to approach the ATO to discuss the development of a simplified accounting method for their use.
From 1 July 2007, purchases by businesses of $75 or less (excluding GST) will no longer require a valid tax invoice to claim an input tax credit.
source http://www.ato.gov.au/