Tax Laws Amendment (2010 GST Administration Measures No. 2) Act 2010 (74 of 2010)

Schedule 1   GST groups and GST joint ventures

Part 1   Forming, changing and dissolving GST groups and GST joint ventures

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

28   Subsection 51-5(2) (including the note)

Repeal the subsection, substitute:

(2) Not all of the entities that are engaged in, or intend to engage in, the joint venture need to become *participants in the *GST joint venture.

(3) The *formation of the *GST joint venture takes effect from the start of the day specified in the notice under paragraph (1)(eb) (whether that day is before, on or after the day on which the entities decided to form the joint venture).

(4) However, if the notice was given to the Commissioner after the day by which the entity nominated to be the *joint venture operator of the *GST joint venture is required to give to the Commissioner a *GST return for the tax period in which the day specified in the notice occurs, the *formation of the GST joint venture takes effect from the start of:

(a) the day specified in the notice, if that day is approved by the Commissioner under section 51-75; and

(b) if paragraph (a) does not apply - such other day as the Commissioner approves under that section.