Tax Laws Amendment (2005 Measures No. 2) Act 2005 (78 of 2005)
Schedule 4 Changing from annual to quarterly payment of PAYG instalments
Taxation Administration Act 1953
4 Section 45-150 in Schedule 1
Repeal the section, substitute:
45-150 Entity stops being annual payer if involved with GST registration or instalment group
(1) You stop being an *annual payer if, during an *instalment quarter that is in an income year that starts after the commencement of this section:
(a) you become *registered, or *required to be registered, under Part 2-5 of the *GST Act; or
(b) you become a partner in a partnership that is registered, or required to be registered, under that Part; or
(c) a partnership in which you are a partner becomes registered, or required to be registered, under that Part; or
(d) in the case of a company - the company becomes a *participant in a *GST joint venture under Division 51 of that Act; or
(e) in the case of a company - the company becomes part of an *instalment group.
(2) If you stop being an *annual payer under subsection (1):
(a) you must still pay an annual instalment for the income year mentioned in that subsection; and
(b) you must pay an instalment for each instalment quarter in the next income year for which subsection 45-50(1) or (2) requires you to do so.
(3) You may again become an *annual payer if:
(a) you again satisfy the conditions in section 45-140; and
(b) you again choose under that section to pay instalments annually.