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.





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