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

Chapter 4 - The special rules

Part 4-6 - Special rules mainly about tax periods

The special rules in this Part mainly modify the operation of Part 2-6 , but they may affect other Parts of Chapter 2 in minor ways.

Division 151 - Annual tax periods

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Subdivision 151-B - Consequences of electing to have annual tax periods

151-55 An entity ' s concluding annual tax period

(1)
If any of the following occurs:

(a) an entity who is an individual dies;

(b) an entity ceases to *carry on any *enterprise;

(c) an entity ' s *registration is cancelled;

during an *annual tax period applying to the entity, the annual tax period is not affected by the death, cessation or cancellation.

(2)
This section has effect despite section 27-40 (which is about an entity ' s concluding tax period).

(3)

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However, this section does not affect the application of:

(a) section 27-39 ; or

(b) if an entity for any reason ceases to exist - section 27-40 .