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  

Subdivision 131-A - Electing to have annual apportionment  

131-20   Duration of an annual apportionment election  

General rule

(1)    
Your election ceases to have effect if:

(a) you revoke it; or

(b) the Commissioner disallows it under subsection (3) ; or

(c) in a case to which subparagraph 131-5(1)(a)(i) applied - you are not a * small business entity of the kind referred to in that subparagraph for an * income year ; or

(d) in a case to which subparagraph 131-5(1)(a)(ii) applied - on 31 July in a * financial year , you do not satisfy the requirements of that subparagraph.

Revocation

(2)    
A revocation of your election is taken to have had, or has, effect at the start of the earliest tax period for which, on the day of the revocation, your * GST return is not yet due.

Disallowance

(3)    
The Commissioner may disallow your election if, and only if, the Commissioner is satisfied that you have failed to comply with one or more of your obligations under a * taxation law .

Note:

Disallowing your election is a reviewable GST decision (see Subdivision 110-F in Schedule 1 to the Taxation Administration Act 1953 ).

(4)    
A disallowance of your election is taken to have had effect from the start of the tax period in which the Commissioner notifies you of the disallowance.

Not being a small business entity for an income year

(5)    

If paragraph (1)(c) applies, your election is taken to have ceased to have effect from the start of the tax period in which the first day of the * income year referred to in that paragraph falls.

Failing to satisfy the requirements of subparagraph 131-5(1)(a)(ii)

(6)    

If paragraph (1)(d) applies, your election is taken to have ceased to have effect from the start of the tax period in which 31 July in the * financial year referred to in that paragraph falls.