Tax Laws Amendment (2005 Measures No. 2) Act 2005 (78 of 2005)

Schedule 4 Changing from annual to quarterly payment of PAYG instalments

Repeal the section, substitute:

45-150 Entity stops being annual payer if involved with GST registration or instalment group

(1) You stop being an *annual payer if, during an *instalment quarter that is in an income year that starts after the commencement of this section:

(a) you become *registered, or *required to be registered, under Part 2-5 of the *GST Act; or

(b) you become a partner in a partnership that is registered, or required to be registered, under that Part; or

(d) in the case of a company - the company becomes a *participant in a *GST joint venture under Division 51 of that Act; or

(e) in the case of a company - the company becomes part of an *instalment group.

(2) If you stop being an *annual payer under subsection (1):

(a) you must still pay an annual instalment for the income year mentioned in that subsection; and

(b) you must pay an instalment for each instalment quarter in the next income year for which subsection 45-50(1) or (2) requires you to do so.

(3) You may again become an *annual payer if:

(a) you again satisfy the conditions in section 45-140; and

(b) you again choose under that section to pay instalments annually.