Document ID: chunk:federal_register_of_legislation:C2004A01369:clause:1_11:p1
Version: federal_register_of_legislation:C2004A01369
Segment Type: clause
Provision Reference: sch 1 cl 11 (pt 1/5)
Character Range: 4400–7077

11  Before Division 153
Insert:

Division 151—Annual tax periods

Table of Subdivisions

151‑A Electing to have annual tax periods
151‑B Consequences of electing to have annual tax periods

151‑1  What this Division is about

      In some cases, you may elect to have annual tax periods. You will then lodge GST returns, and pay amounts of GST or receive refunds of GST, on an annual basis (which better matches your obligation to lodge an income tax return).

Subdivision 151‑A—Electing to have annual tax periods

151‑5  Eligibility to make an annual tax period election

  You are eligible to make an *annual tax period election if:
 (a) you are not *required to be registered; and
 (b) you have not made any election under section 162‑15 to pay GST by instalments (other than such an election that is no longer in effect).

151‑10  Making an annual tax period election

 (1) You may, by notifying the Commissioner in the *approved form, make an *annual tax period election if you are eligible under section 151‑5.

 (2) Your election takes effect from:
 (a) the start of the earliest tax period for which, on the day on which you make your election, your *GST return is not yet due (taking into account any further period the Commissioner allows under paragraph 31‑8(1)(b) or 31‑10(1)(b)); or
 (b) the start of such other tax period as the Commissioner allows, in accordance with a request you make in the *approved form.

Note: Refusing a request to allow your election to take effect from the start of another tax period is a reviewable GST decision (see Division 7 of Part VI of the Taxation Administration Act 1953).

151‑15  Annual tax period elections by representative members of GST groups

 (1) A *representative member of a *GST group cannot make an *annual tax period election unless each *member of the GST group is eligible under section 151‑5.

 (2) If the *representative member makes such an election, the *annual tax period applying to the representative member also applies to each member.

151‑20  When you must make your annual tax period election

 (1) You must make your *annual tax period election:
 (a) if the tax periods applying to you are *quarterly tax periods—on or before 28 October in the *financial year to which it relates; or
 (b) in any other case—on or before 21 August in that financial year.

 (2) However:
 (a) if:
 (i) during the *financial year but after 28 October in that financial year, you became eligible under section 151‑5 to make an *annual tax period election; and
 (ii) this subsection had not applied to you before; and
 (iii) your *current GST lodgment record is not more than 6 months; or
 (b) if the financial