Tax Laws Amendment (2009 Measures No. 3) Act 2009 (47 of 2009)

Schedule 2   Choosing annual PAYG instalments if voluntarily registered for GST

Taxation Administration Act 1953

3   After subsection 45-140(1) in Schedule 1

Insert:

(1A) You may also choose at a time (subject to subsection (2)) to pay instalments annually instead of quarterly if at that time either:

(a) an *annual tax period election of yours has effect and, if you are a partner in one or more partnerships that are registered under Part 2-5 of the *GST Act, an annual tax period election of each of those partnerships has effect; or

(b) all of the following subparagraphs apply:

(i) you are neither registered, nor *required to be registered, under Part 2-5 of the GST Act;

(ii) you are a partner in one or more partnerships that are registered under that Part;

(iii) an annual tax period election of each of those partnerships has effect;

and at the end of the *starting instalment quarter, you satisfy the following conditions:

(c) you are not a partner in a partnership that is required to be registered under Part 2-5 of the GST Act;

(d) your most recent *notional tax notified by the Commissioner is less than $8,000;

(e) in the case of a company - the company is not a *participant in a *GST joint venture under Division 51 of that Act;

(f) in the case of a company - the company is not part of an *instalment group.

Note: You cannot choose to be an annual payer while you are the head company of a consolidated group to which Subdivision 45-Q applies: see section 45-720.