A New Tax System (Goods and Services Tax) Regulations 2019
For the purposes of subparagraph 48-10(1)(a)(ii) of the Act, this section sets out the requirements that an individual must satisfy.
Note:
The individual must also satisfy other membership requirements set out in section 48-10 of the Act.
(2)
The individual must satisfy the requirements of subsection (3), (4) or (5).
Requirements that may be satisfied
(3)
The individual satisfies the requirements of this subsection if, for at least one company that is a member of the GST group or proposed GST group:
(a) the individual has at least a 90% stake in the company (worked out in accordance with section 190-5 of the Act as if the individual were a company); or
(b) each shareholder of the company is either the individual or a family member of the individual.
(4)
The individual satisfies the requirements of this subsection if, for at least one partnership that is a member of the GST group or proposed GST group, the partners of the partnership are:
(a) the individual and one or more family members of the individual; or
(b) family members of the individual.
(5)
The individual satisfies the requirements of this subsection if, for at least one trust that is a member of the GST group or proposed GST group:
(a) the beneficiaries of the trust include either or both of the individual and family members of the individual; and
(b) the trustee of the trust distributes income or capital of the trust only to permitted beneficiaries.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
