Boosting Cash Flow for Employers (Coronavirus Economic Response Package) Act 2020

SECTION 4   DEFINITIONS  

4(1)    
In this Act:

ABN
has the meaning given by the Income Tax Assessment Act 1997 .

ACNC-registered charity
has the meaning given by the A New Tax System (Goods and Services Tax) Act 1999 .

agent
: this Act applies to some entities that are not agents in the same way as it applies to agents: see subsections (6) and (7).

alienated personal services payment
has the meaning given by section 13-10 in Schedule 1 to the Taxation Administration Act 1953 .

annual tax period
has the meaning given by the A New Tax System (Goods and Services Tax) Act 1999 .

assessable income
has the meaning given by the Income Tax Assessment Act 1997 .

assessed net amount
has the meaning given by the Income Tax Assessment Act 1997 .

assessment
has the meaning given by the Income Tax Assessment Act 1997 .

associate
has the meaning given by the A New Tax System (Goods and Services Tax) Act 1999 .

business
has the meaning given by the Income Tax Assessment Act 1997 .

cash flow boost
has the meaning given by subsections 5(1) and 6(1) .

Commissioner
means the Commissioner of Taxation.

entity
has the meaning given by the Income Tax Assessment Act 1997 .

general interest charge
means the charge worked out under Part IIA of the Taxation Administration Act 1953 .

GST return
has the meaning given by the Income Tax Assessment Act 1997 .

income year
has the meaning given by the Income Tax Assessment Act 1997 .

large withholder
has the meaning given by the Income Tax Assessment Act 1997 .

medium business entity
, for an income year, means an entity covered by subsection (2) for the income year.

medium withholder
has the meaning given by the Income Tax Assessment Act 1997 .

non-profit body
has the same meaning as in section 23-15 of the A New Tax System (Goods and Services Tax) Act 1999 .

Note:

The term non-profit body is not defined in the A New Tax System (Goods and Services Tax) Act 1999 . However, this definition ensures that the meaning of the term in this Act does not diverge from the meaning of the term in section 23-15 of that Act.

quarter
has the meaning given by the Income Tax Assessment Act 1997 .

scheme
has the meaning given by the A New Tax System (Goods and Services Tax) Act 1999 .

small business entity
has the meaning given by the Income Tax Assessment Act 1997 .

small withholder
has the meaning given by the Income Tax Assessment Act 1997 .

taxable supply
has the meaning given by the A New Tax System (Goods and Services Tax) Act 1999 .

tax period
has the meaning given by the Income Tax Assessment Act 1997 .

withholding period total
has the meaning given by subsection (4).

4(2)    
An entity is covered by this subsection for an income year if:

(a) the entity is not a small business entity for the income year; and

(b) the entity would be a small business entity for the income year if:

(i) each reference in Subdivision 328-C of the Income Tax Assessment Act 1997 (about what is a small business entity) to $10 million were instead a reference to $50 million; and

(ii) the reference in paragraph 328-110(5)(b) of that Act to a small business entity were instead a reference to an entity covered by this subsection.

4(3)    
For the purposes of this Act, in determining whether an entity is a small business entity or a medium business entity for an income year, treat the entity as carrying on a business in the year if the entity is a non-profit body during the year.

4(4)    
An entity ' s withholding period total for a period is the total of the following:

(a) the total of all amounts that the entity withholds under Subdivision 12-B , 12-C or 12-D in Schedule 1 to the Taxation Administration Act 1953 from payments that it makes in the period;

(b) the total of all amounts that the entity must pay under Division 13 in that Schedule in relation to alienated personal services payments that it receives in the period (regardless of whether the entity actually pays the amounts).

4(5)    
For the purposes of this Act, in determining whether an entity must withhold amounts from payments under Subdivision 12-B , 12-C or 12-D in Schedule 1 to the Taxation Administration Act 1953 , disregard any provision that provides for an exception to the entity ' s obligation to withhold such amounts.

4(6)    
For the purposes of this Act, section 960-105 of the Income Tax Assessment Act 1997 applies in determining whether an entity is an agent of another entity.

4(7)    
For the purposes of subsection (6), treat the reference in subsection 960-105(2) of the Income Tax Assessment Act 1997 to " a provision of this Act " as instead being a reference to " a provision of this Act or of the Boosting Cash Flow for Employers (Coronavirus Economic Response Package) Act 2020 " .