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  

151-55   An entity ' s concluding annual tax period  

(1)    
If any of the following occurs:


(a) an entity who is an individual dies;


(b) an entity ceases to *carry on any *enterprise;


(c) an entity ' s *registration is cancelled;

during an *annual tax period applying to the entity, the annual tax period is not affected by the death, cessation or cancellation.


(2)    
This section has effect despite section 27-40 (which is about an entity ' s concluding tax period).

(3)    


However, this section does not affect the application of:


(a) section 27-39 ; or


(b) if an entity for any reason ceases to exist - section 27-40 .





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