51‑7 Participants in GST joint ventures51‑7 Participants in GST joint ventures

51‑7 Participants in GST joint ventures

(1) A participant in a *GST joint venture is an entity that: (a) became a participant in the joint venture under section 51‑5 or was added to the joint venture under section 51‑70; and (b) *satisfies the participation requirements for the joint venture. (2) However, the entity is not a participant in the *GST joint venture if the entity has, since the last time the entity became such a participant: (a) left, or been removed from, the joint venture under section 51‑70; or (b) ceased to *satisfy the participation requirements for the joint venture. (3) The *joint venture operator of a *GST joint venture must notify the Commissioner, in the *approved form, if a *participant in the joint venture no longer *satisfies the participation requirements for the GST joint venture. (4) The notice must be given within 21 days after the *participant no longer *satisfies the participation requirements for the *GST joint venture.

Note: Section 286‑75 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for breach of this subsection.