Document ID: chunk:federal_register_of_legislation:C2011C00549:clause:2_3
Version: federal_register_of_legislation:C2011C00549
Segment Type: clause
Provision Reference: sch 2 cl 3
Character Range: 6082–7461

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.