Document ID: chunk:federal_register_of_legislation:C2010A00074:clause:1_29
Version: federal_register_of_legislation:C2010A00074
Segment Type: clause
Provision Reference: sch 1 cl 29
Character Range: 20016–21166

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.