Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 51.7

  (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.