Taxation Administration Act 1953
SCHEDULE 1
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COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
PART 2-5
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PAY AS YOU GO (PAYG) WITHHOLDING
Division 12A
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Distributions by AMITs (including deemed payments)
Subdivision 12A-A
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Distributions by AMITs relating to dividend, interest and royalties
Operative provisions
SECTION 12A-35 MEANING OF AMIT INTEREST PAYMENT 12A-35(1)
This section applies to a trust that is an *AMIT for an income year.
12A-35(2)
The object of this section is to ensure that the total of the *AMIT interest payments that the trustee of the *AMIT makes in relation to the income year equals, as nearly as practicable, the amount mentioned in subsection (3).
12A-35(3)
The amount is the total of the *determined member components for the *AMIT for the income year of the character of interest (as defined in Division 11A of Part III of the Income Tax Assessment Act 1936 ) that is subject to a requirement to withhold under Subdivision 12-F .
12A-35(4)
To work out the amount of an AMIT interest payment , apply subsections 12A-30(4) , (5) , (6) and (7) . For this purpose:
(a) treat references in those subsections to AMIT dividend payments as instead being references to AMIT interest payments; and
(b) treat the reference in subsection 12A-30(4) to " the amount mentioned in subsection (3) " as instead being a reference to " the amount mentioned in subsection 12A-35(3) " .
View history note
Hide history noteNote: See section 3AA .
Chapter 2 - Collection, recovery and administration of income taxSECTION 12A-35 MEANING OF AMIT INTEREST PAYMENT 12A-35(1)
This section applies to a trust that is an *AMIT for an income year.
12A-35(2)
The object of this section is to ensure that the total of the *AMIT interest payments that the trustee of the *AMIT makes in relation to the income year equals, as nearly as practicable, the amount mentioned in subsection (3).
12A-35(3)
The amount is the total of the *determined member components for the *AMIT for the income year of the character of interest (as defined in Division 11A of Part III of the Income Tax Assessment Act 1936 ) that is subject to a requirement to withhold under Subdivision 12-F .
12A-35(4)
To work out the amount of an AMIT interest payment , apply subsections 12A-30(4) , (5) , (6) and (7) . For this purpose:
(a) treat references in those subsections to AMIT dividend payments as instead being references to AMIT interest payments; and
(b) treat the reference in subsection 12A-30(4) to " the amount mentioned in subsection (3) " as instead being a reference to " the amount mentioned in subsection 12A-35(3) " .
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