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Goods and Services Tax: Choosing to Account on a Cash Basis Determination (No 39) 2015 - representatives of incapacitated entities

Authoritative Version
Determinations/Taxation as made
This instrument identifies a specific type of enterprise that is entitled to choose to account on a cash basis. Representatives of incapacitated entities may want to choose a cash basis of accounting for commercial or regulatory reasons eg Insolvency Practitioners having to account on a cash basis to the Australian Securities and Investment Commission (ASIC) or reporting to creditors pursuant to the Bankruptcy Act.
Administered by: Treasury
Registered 30 Sep 2015
Tabling HistoryDate
Tabled HR12-Oct-2015
Tabled Senate12-Oct-2015

Legislative Instrument

 

Goods and Services Tax: Choosing to Account on a Cash Basis Determination (No 39) 2015 - representatives of incapacitated entities.

 

I, James O’Halloran, Deputy Commissioner of Taxation, make this determination under paragraph 29-40(1)(c) of the A New Tax System (Goods and Services Tax) Act 1999.

 

 

 

 

 

Signed by James O’Halloran

Deputy Commissioner of Taxation

Dated:  15 September 2015

 

 

1.            Name of Determination

This determination is the Goods and Services Tax: Choosing to Account on a Cash Basis Determination (No 39) 2015 - representatives of incapacitated entities.

 

2.            Commencement

This determination commences on the day after registration.

 

3.            Repeal of previous instrument

The following determination is repealed on the commencement of this determination:

 

·         A New Tax System (Goods and Services Tax) Act 1999 Choosing to              Account on a Cash Basis Determination (No 1) 2000 - representatives of incapacitated entities - F2005B02440, registered on 29/09/2005.

 

4.            Application

This determination applies to a representative of an incapacitated entity where the incapacitated entity previously carried on an enterprise.

 

5.            Determination

This determination provides that an enterprise previously carried on by an incapacitated entity is an enterprise of a kind in respect of which the representative of that incapacitated entity may choose to account for GST on a cash basis. It alleviates the necessity for representatives of incapacitated entities to seek a determination in writing from the Commissioner under paragraph 29-40(1)(c) of the A New Tax System (Goods and Services Tax) Act 1999 that they are entitled to choose to account for GST on a cash basis.

 

6.            Definitions

Expressions in this determination have the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999.