Document ID: chunk:federal_register_of_legislation:C2005A00078:clause:4_4
Version: federal_register_of_legislation:C2005A00078
Segment Type: clause
Provision Reference: sch 4 cl 4
Character Range: 13666–14989

4  Section 45‑150 in Schedule 1
Repeal the section, substitute:

45‑150  Entity stops being annual payer if involved with GST registration or instalment group

 (1) You stop being an *annual payer if, during an *instalment quarter that is in an income year that starts after the commencement of this section:
 (a) you become *registered, or *required to be registered, under Part 2‑5 of the *GST Act; or
 (b) you become a partner in a partnership that is registered, or required to be registered, under that Part; or
 (c) a partnership in which you are a partner becomes registered, or required to be registered, under that Part; or
 (d) in the case of a company—the company becomes a *participant in a *GST joint venture under Division 51 of that Act; or
 (e) in the case of a company—the company becomes part of an *instalment group.

 (2) If you stop being an *annual payer under subsection (1):
 (a) you must still pay an annual instalment for the income year mentioned in that subsection; and
 (b) you must pay an instalment for each instalment quarter in the next income year for which subsection 45‑50(1) or (2) requires you to do so.

 (3) You may again become an *annual payer if:
 (a) you again satisfy the conditions in section 45‑140; and
 (b) you again choose under that section to pay instalments annually.