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

29   After section 51-5

Insert:

51-7 Participants in GST joint ventures

(1) A participant in a *GST joint venture is an entity that:

(a) became a participant in the joint venture under section 51-5 or was added to the joint venture under section 51-70; and

(b) *satisfies the participation requirements for the joint venture.

(2) However, the entity is not a participant in the *GST joint venture if the entity has, since the last time the entity became such a participant:

(a) left, or been removed from, the joint venture under section 51-70; or

(b) ceased to *satisfy the participation requirements for the joint venture.

(3) The *joint venture operator of a *GST joint venture must notify the Commissioner, in the *approved form, if a *participant in the joint venture no longer *satisfies the participation requirements for the GST joint venture.

(4) The notice must be given within 21 days after the *participant no longer *satisfies the participation requirements for the *GST joint venture.

Note: Section 286-75 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for breach of this subsection.