(1) You may, by notifying the Commissioner in the * approved form, withdraw an election under section 27-10, unless your * GST turnover meets the * tax period turnover threshold.
(2) The withdrawal takes effect on the day specified in the notice. However, the day specified:
(a) must be 1 January, 1 April, 1 July or 1 October, or any day occurring before the election takes effect; and
(b) must not be a day occurring earlier than 12 months after the election took effect.