27‑40 An entity’s concluding tax period27‑40 An entity’s concluding tax period

27‑40 An entity’s concluding tax period

(1) If: (a) an individual dies; or (b) another entity for any reason ceases to exist; the individual’s or entity’s tax period at the time is taken to have ceased at the end of the day before the death or cessation. (1A) If an entity ceases to *carry on any *enterprise, the entity’s tax period at the time is taken to have ceased at the end of the day on which the cessation occurred. (2) If an entity’s *registration is cancelled, the entity’s tax period at the date of effect of the cancellation (the cancellation day) ceases at the end of the cancellation day.