Taxation Administration Act 1953
View history note
Hide history noteNote: See section 3AA .
Chapter 2 - Collection, recovery and administration of income taxNote: A Commissioner ' s Remedial Power (CRP 2017/1) is relevant to this part of the tax law. Taxation Administration (Remedial Power - Foreign Resident Capital Gains Withholding) Determination 2017 (F2017L00992) modifies the operation of s 18-15 , 18-20 and 18-25 in Sch 1 to the Taxation Administration Act 1953 as follows:
To the extent that an entity ' s entitlement to a credit referred to in s 18-15 , 18-20 or 18-25 in Sch 1 to TAA is in respect of an amount paid to the Commissioner under Subdiv 14-D of Sch 1 to TAA, treat the entitlement as arising in the income year in which the transaction causing that application of Subdiv 14-D is recognised for income tax purposes for the entity. The modification applies in respect of transactions entered into on or after 1 July 2016.
An entity must treat a modification as not applying to it or any other entity if the modification would produce a less favourable result for it. The Commissioner is empowered by s 370-5 of Sch 1 to TAA to make modifications, by legislative instrument, to ensure the law is administered to achieve its intended purpose or object.
Policies relevant to varying amounts
14-235(1)
In exercising a power under this section to vary an amount, the Commissioner must have regard to the need to protect a creditor ' s right to recover a debt.
Varying particular amounts
14-235(2)
The Commissioner may, in writing, vary a particular amount payable by you to the Commissioner under this Subdivision. The variation takes effect when you become aware of it.
Note:
Decisions to vary, or not to vary, are reviewable (see section 20-80 ).
14-235(3)
Any of the following entities may apply to the Commissioner in the *approved form for a variation under subsection (2):
(a) you;
(b) an entity from which you *acquire, or could acquire, the *CGT asset;
(c) an entity that is owed a debt by an entity covered by paragraph (b).
14-235(4)
A variation made under subsection (2) is not a legislative instrument.
Varying classes of amounts
14-235(5)
The Commissioner may, by legislative instrument, vary classes of amounts payable to the Commissioner under this Subdivision.
Amounts may be reduced to nil
14-235(6)
The Commissioner ' s power under subsection (2) or (5) to vary an amount includes the power to reduce the amount to nil.
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