Document ID: chunk:federal_register_of_legislation:C2025C00012:clause:20_24
Version: federal_register_of_legislation:C2025C00012
Segment Type: clause
Provision Reference: sch 20 cl 24
Character Range: 421414–421967

24  Subsection 7(1)
Repeal the subsection, substitute:
 (1) A constitutionally covered entity becomes a reporting entity at the start of an income year for the entity if the entity is covered by subsection (2).
 (1A) If a constitutionally covered entity gives the Regulator notice in writing that the entity elects to become a reporting entity, the entity becomes a reporting entity when the notice is given.
Note: A reporting entity that is a reporting entity only because of an election under subsection (1A) is a volunteering entity: see section 5.