Taxation Laws Amendment Act (No. 8) 2000 (156 of 2000)

Schedule 5   Administration

A New Tax System (Goods and Services Tax) Act 1999

3   After section 27-20

Insert:

27-22 Revoking elections of one month tax periods

(1) The Commissioner may, if you so request in the*approved form, revoke your election under section 27-10, with effect from a day occurring earlier than 12 months after the election took effect, unless the Commissioner is satisfied that your*annual turnover meets the*tax period turnover threshold.

Note: Refusing to revoke your election under this subsection is a reviewable GST decision (see Division 7 of Part VI of theTaxation Administration Act 1953).

(2) In considering your request, the Commissioner may have regard to:

(a) for how long the tax periods applying to you have been each individual month; and

(b) whether you have previously been*registered, and whether such tax periods had applied to you; and

(c) any other relevant matters.

(3) The revocation:

(a) takes effect on the day specified in the instrument of revocation; or

(b) is taken to have had effect from a past day specified in the instrument of revocation.

However, the day specified must be 1 January, 1 April, 1 July or 1 October.

Note: Deciding the date of effect of the revocation is a reviewable decision (see Division 7 of Part VI of theTaxation Administration Act 1953).