Commonwealth Consolidated Acts

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When you must make your annual tax period election

             (1)  You must make your * annual tax period election:

                     (a)  if the tax periods applying to you are * quarterly tax periods--on or before 28 October in the * financial year to which it relates; or

                     (b)  in any other case--on or before 21 August in that financial year.

             (2)  However:

                     (a)  if:

                              (i)  during the * financial year but after 28 October in that financial year, you became eligible under section 151-5 to make an * annual tax period election; and

                             (ii)  this subsection had not applied to you before; and

                            (iii)  your * current GST lodgment record is not more than 6 months; or

                     (b)  if the financial year started on 1 July 2004 and the Commissioner determines in writing that this paragraph applies;

you must make your election on or before the first day, after becoming eligible under section 151-5 or after the Commissioner's determination, on which you would, but for this Division, be required to give a * GST return to the Commissioner.

             (3)  The Commissioner may, in accordance with a request you make in the * approved form, allow you to make your election on a specified day occurring after the day provided for under subsection (1) or (2).

Note:          Refusing a request to be allowed to make an election on a specified day under this subsection is a reviewable GST decision (see Subdivision 110-F in Schedule 1 to the Taxation Administration Act 1953 ).

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