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

Chapter 4 - The special rules  

Part 4-6 - Special rules mainly 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 - 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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