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

  • enacted
313 Section 15C amended (Changes in taxable periods)

(1)

Replace section 15C(1) with:

(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)

Replace section 15C(2) with:

(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.