A New Tax System (Goods and Services Tax) Act 1999
Chapter 4
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The special rules
Part 4-6
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Special rules mainly about tax periods
While an *annual tax period election that you have made has effect, each *financial year is a tax period that applies to you. (2)
However, if your *annual tax period election takes effect on a day that is not the start of a *financial year, the period from when your annual tax period election takes effect until the end of the financial year in which it takes effect is a tax period that applies to you. (3)
A tax period under this section is an annual tax period . (4)
This section has effect despite sections 27-5 , 27-10 and 27-30 (which are about tax periods).
Note:
The special rules in this Part mainly modify the operation of Part 2-6 , but they may affect other Parts of Chapter 2 in minor ways.
Division 151 - Annual tax periods
Subdivision 151-B
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Consequences of electing to have annual tax periods
151-40
Annual tax periods
(1)
While an *annual tax period election that you have made has effect, each *financial year is a tax period that applies to you. (2)
However, if your *annual tax period election takes effect on a day that is not the start of a *financial year, the period from when your annual tax period election takes effect until the end of the financial year in which it takes effect is a tax period that applies to you. (3)
A tax period under this section is an annual tax period . (4)
This section has effect despite sections 27-5 , 27-10 and 27-30 (which are about tax periods).
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