Document ID: chunk:federal_register_of_legislation:C2004A01369:clause:1_11:p3
Version: federal_register_of_legislation:C2004A01369
Segment Type: clause
Provision Reference: sch 1 cl 11 (pt 3/5)
Character Range: 9246–11841

*financial year in which your election first took effect—from the start of the tax period in which it first took effect; or
 (b) if the Commissioner notifies you of the disallowance on or before 28 October during a later financial year—from the start of that later financial year; or
 (c) if the Commissioner notifies you of the disallowance after 28 October during a later financial year—from the start of the financial year immediately following that later financial year.

Becoming subject to a requirement to register

 (5) If paragraph (1)(c) applies, your election is taken to have ceased to have effect from the start of the *financial year referred to in that paragraph.

Subdivision 151‑B—Consequences of electing to have annual tax periods

151‑40  Annual tax periods

 (1) While an *annual tax period election that you have made has effect, each *financial year is a tax period that applies to you.

 (2) However, if your *annual tax period election takes effect on a day that is not the start of a *financial year, the period from when your annual tax period election takes effect until the end of the financial year in which it takes effect is a tax period that applies to you.

 (3) A tax period under this section is an annual tax period.

 (4) This section has effect despite sections 27‑5, 27‑10 and 27‑30 (which are about tax periods).

151‑45  When GST returns for annual tax periods must be given

 (1) You must give your *GST return for an *annual tax period to the Commissioner:
 (a) if you are required under section 161 of the *ITAA 1936 to lodge a return in relation to a year of income corresponding to, or ending during, an annual tax period applying to you—within:
 (i) the period, specified in the notice published in the Gazette under that section, for you to lodge as required under that section; or
 (ii) such further time as the Commissioner has permitted for you to lodge as required under that section; or
 (b) if paragraph (a) does not apply—on or before the 28 February following the end of the annual tax period.

Note: Section 388‑55 in Schedule 1 to the Taxation Administration Act 1953 allows the Commissioner to defer the time for giving the GST return.

 (2) This section has effect despite sections 31‑8 and 31‑10 (which are about when GST returns must be given).

151‑50  When payments of net amounts for annual tax periods must be made

 (1) If the *net amount for an *annual tax period applying to you is greater than zero, you must pay the net amount to the Commissioner on or before the day on which, under section 151‑45, you are required to