Document ID: chunk:federal_register_of_legislation:C2004C01268:clause:1_29:p3
Version: federal_register_of_legislation:C2004C01268
Segment Type: clause
Provision Reference: sch 1 cl 29 (pt 3/14)
Character Range: 14111–16677

162‑25  When you must make your election

 (1) You must make your election on or before 28 October in the *financial year to which it relates.

 (2) However, if:
 (a) during the *financial year but after 28 October in that financial year, you became eligible under section 162‑5 to elect to pay GST by instalments; and
 (b) this subsection had not applied to you before; and
 (c) your *current GST lodgment record is not more than 6 months;
you must make your election on or before the first day, after becoming eligible under section 162‑5, on which you would, but for this Division, be required under section 31‑8 to give a *GST return to the Commissioner.

 (3) The Commissioner may, in accordance with a request you make in the *approved form, allow you to make your election on a specified day occurring after the day provided for under subsection (1) or (2).

Note: Refusing a request to be allowed to make an election on a specified day under this subsection is a reviewable GST decision (see Division 7 of Part VI of the Taxation Administration Act 1953).

162‑30  Duration of your election

 (1) Your election has effect, and is taken to have had effect, for the whole of the *financial year in question.

 (2) However, if:
 (a) you make your election after 28 October in that *financial year; and
 (b) part of that financial year is already covered by one or more tax periods for which you have given the Commissioner a *GST return;
your election has effect, and is taken to have had effect, only for the part of that financial year that is not covered by those tax periods.

 (3) Your election does not cease to have effect because, after making the election, you exceed the *instalment turnover threshold at any time.

Subdivision 162‑B—Consequences of electing to pay GST by instalments

162‑50  GST instalment payers

 (1) You are a GST instalment payer while an election that you have made under section 162‑15 has effect.

 (2) You are a GST instalment payer for the *financial year for which your election has effect.

 (3) However, if your election has effect only for part of a *financial year, you are a GST instalment payer only for that part of that financial year.

162‑55  Tax periods for GST instalment payers

 (1) The tax period that applies to you, if you are a *GST instalment payer for a *financial year, is that financial year.

 (2) The tax period that applies to you, if you are a *GST instalment payer only for part of a *financial year, is that part of that financial year.

 (3) A tax period under this section is an instalment