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

Chapter 4 - The special rules  

Part 4-1 - Special rules mainly about particular ways entities are organised  

Note:

The special rules in this Part mainly modify the operation of Part 2-2 so far as that Part deals with liability for GST and entitlement to input tax credits, but the special rules also affect other aspects of Part 2-2 and the other Parts of Chapter 2 .

Division 51 - GST joint ventures  

Subdivision 51-A - Formation of and participation in GST joint ventures  

51-7   Participants in GST joint ventures  

(1)  
A participant in a *GST joint venture is an entity that:


(a) became a participant in the joint venture under section 51-5 or was added to the joint venture under section 51-70 ; and


(b) *satisfies the participation requirements for the joint venture.

(2)  
However, the entity is not a participant in the *GST joint venture if the entity has, since the last time the entity became such a participant:


(a) left, or been removed from, the joint venture under section 51-70 ; or


(b) ceased to *satisfy the participation requirements for the joint venture.

(3)  
The *joint venture operator of a *GST joint venture must notify the Commissioner, in the *approved form , if a *participant in the joint venture no longer *satisfies the participation requirements for the GST joint venture.

(4)  
The notice must be given within 21 days after the *participant no longer *satisfies the participation requirements for the *GST joint venture .

Note:

Section 286-75 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for breach of this subsection.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.