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A New Tax System (Goods and Services Tax) Act 1999

Chapter 4 - The special rules  

Part 4-4 - Special rules mainly about net amounts and adjustments  

Note:

The special rules in this Part mainly modify the operation of Part 2-4, but they may affect other Parts of Chapter 2 in minor ways.

Division 131 - Annual apportionment of creditable purpose    View history reference

Subdivision 131-A - Electing to have annual apportionment    View history reference

131-10  Making an annual apportionment election  

 View history reference

(1)  

You may make an *annual apportionment election if you are eligible under section 131-5.

(2)  

Your election takes effect from:


(a) the start of the earliest tax period for which, on the day on which you make your election, your *GST return is not yet due (taking into account any further period the Commissioner allows under paragraph 31-8(1)(b) or 31-10(1)(b)); or


(b) the start of such other tax period as the Commissioner allows, in accordance with a request you make in the *approved form.

Note:

Refusing a request to allow your election to take effect from the start of another tax period is a reviewable GST decision (see Subdivision 110-F in Schedule 1 to the Taxation Administration Act 1953).

CCH Note

Act No 80 of 2007, s 3 and Sch 2 item 69, contained the following provision:

69 Transitional - election to have annual apportionment  


(1) This item applies to you if:


(a) before 1 July 2007, you made an annual apportionment election under subsection 131-10(1) of the A New Tax System (Goods and Services Tax) Act 1999; and


(b) your election was in effect immediately before 1 July 2007.


(2) If you are carrying on a business on 1 July 2007, your election continues to have effect as if subparagraph 131-5(1)(a)(i) of the A New Tax System (Goods and Services Tax) Act 1999, as inserted by Part 1 of this Schedule, applied.


(3) If you are not carrying on a business on 1 July 2007, your election continues to have effect as if subparagraph 131-5(1)(a)(ii) of the A New Tax System (Goods and Services Tax) Act 1999, as inserted by Part 1 of this Schedule, applied.


 



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