Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Bill

  • enacted
312 Section 15 amended (Taxable periods)

Replace section 15(2) with:

(2)

A person’s taxable period may be a 6-month period if the person applies to the Commissioner to pay on that basis and—

(a)

the person’s taxable supplies in a 12-month period are no more, and are not likely to be more, than $500,000:

(b)

the person makes 80% or more of the person’s taxable supplies for an income year during a period of 6 months or less that ends with, or less than 1 month before, the end of the income year and has not had a 6-month period as a taxable period under this paragraph in the 24-month period before the application.