(1) You must make your election on or before 28 October in the * financial year to which it relates.
(2) However, if:
(a) during the * financial year but after 28 October in that financial year, you became eligible under section 162-5 to elect to pay GST by instalments; and
(b) this subsection had not applied to you before; and
(c) your * current GST lodgment record is not more than 6 months;
you must make your election on or before the first day, after becoming eligible under section 162-5, on which you would, but for this Division, be required under section 31-8 to give a * GST return to the Commissioner.
(3) The Commissioner may, in accordance with a request you make in the * approved form, allow you to make your election on a specified day occurring after the day provided for under subsection (1) or (2).
Note: Refusing a request to be allowed to make an election on a specified day under this subsection is a reviewable GST decision (see Subdivision 110-F in Schedule 1 to the Taxation Administration Act 1953 ).