15C Changes in taxable periods

(1)

A person to whom section 15(1)(b) or (c) applies may change the person’s taxable period to a 6-month period if the person meets the requirements of section 15(2).

(2)

A person to whom section 15(1)(a) applies, who does not meet the requirement of section 15(2)(b) and fails to meet the requirement of section 15(2)(a) in relation to a 12-month period, is required to change the person’s taxable period at the end of the taxable period ending on or after the end of the 12-month period, if subsection (2B) does not apply.

(2B)

A person who fails to meet the requirement of section 15(2)(a) in relation to a 12-month period is relieved from the requirement under subsection (2) to change the person’s taxable period if the person—

(a)

is likely to meet the requirement of section 15(2)(a) in relation to the following 12-month period; and

(b)

is not relieved by this subsection from a requirement under subsection (2) arising from a failure to meet the requirement of section 15(2)(a) in relation to the preceding 12-month period.

(3)

A person to whom section 15(1)(a) applies may apply to the Commissioner, in a way acceptable to the Commissioner, to change the person’s taxable period to a 2-month period.

(3B)

A person to whom section 15(1)(a) or (b) applies may apply to the Commissioner, in a way acceptable to the Commissioner, to change the person’s taxable period to a 1-month period.

(3C)

A person to whom section 15(1)(c) applies may apply to the Commissioner, in a way acceptable to the Commissioner, to change the person’s taxable period to a 2-month period, unless section 15(4) applies.

(4)

A person whose taxable period is based on a 6-month or 2-month cycle is treated as having changed to a 1-month cycle if—

(a)

the threshold in section 15(4) applies at the end of a taxable period to the person’s taxable supplies; and

(b)

the person has not notified the Commissioner of a change of status under section 53(1)(ca) before the end of the next taxable period.

(5)

A return provided after a change in taxable period must not include amounts for a period for which a return has already been provided.

Section 15C: inserted, on 1 October 2007, by section 291(1) of the Taxation (Depreciation, Payment Dates Alignment, FBT, and Miscellaneous Provisions) Act 2006 (2006 No 3).

Section 15C(1): replaced, on 30 March 2017, by section 355(1) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).

Section 15C(2): replaced, on 30 March 2017, by section 355(2) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).

Section 15C(2B): inserted, on 30 March 2017, by section 355(2) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).

Section 15C(3B): inserted, on 1 October 2007, by section 214(1) of the Taxation (Savings Investment and Miscellaneous Provisions) Act 2006 (2006 No 81).

Section 15C(3C): inserted, on 1 October 2007, by section 214(1) of the Taxation (Savings Investment and Miscellaneous Provisions) Act 2006 (2006 No 81).