A New Tax System (Indirect Tax and Consequential Amendments) Act 1999 (176 of 1999)

Schedule 1   Indirect Tax Acts

Part 1   Amendment of the A New Tax System (Goods and Services Tax) Act 1999

34   Subsection 27-40(1)

Repeal the subsection, substitute:

(1) If:

(a) an individual dies or becomes bankrupt; or

(b) any other entity goes into liquidation or receivership or for any reason ceases to exist;

the individual's or entity's tax period at the time is taken to have ceased at the end of the day before the death, bankruptcy, liquidation or receivership.

(1A) If an entity ceases to *carry on any *enterprise, the entity's tax period at the time is taken to have ceased at the end of the day on which the cessation occurred.