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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 51.7

Participants in GST joint ventures

             (1)  A participant in a * GST joint venture is an entity that:

                     (a)  became a participant in the joint venture under section 51-5 or was added to the joint venture under section 51-70; and

                     (b)  * satisfies the participation requirements for the joint venture.

             (2)  However, the entity is not a participant in the * GST joint venture if the entity has, since the last time the entity became such a participant:

                     (a)  left, or been removed from, the joint venture under section 51-70; or

                     (b)  ceased to * satisfy the participation requirements for the joint venture.

             (3)  The * joint venture operator of a * GST joint venture must notify the Commissioner, in the * approved form, if a * participant in the joint venture no longer * satisfies the participation requirements for the GST joint venture.

             (4)  The notice must be given within 21 days after the * participant no longer * satisfies the participation requirements for the * GST joint venture.

Note:          Section 286-75 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for breach of this subsection.



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