INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 3B - Collection of tax in respect of certain payments  

Subdivision C - Collection of TFN withholding tax payable on the non-quotation of tax file numbers in respect of eligible deferred interest investments  

SECTION 221YHZQ   UNDEDUCTED TFN AMOUNT  

221YHZQ(1)   [Deemed undeducted TFN amount]  

If, in relation to an eligible deferred interest investment:

(a) an amount (in this section called the ``deemed payment amount'' ) is included in the investor's assessable income for a year of income under section 159GQ ; and

(b) if the investment body had paid the deemed payment amount to the investor in money at the end of the year of income, and section 12-150 in Schedule 1 to the Taxation Administration Act 1953 had not been enacted, section 12-140 in that Schedule would have required the investment body to withhold an amount (the notional deduction ) from the payment; and

(c) the term of the eligible deferred interest investment does not end during the year of income;

there is taken to be an undeducted TFN amount equal to the notional deduction.

221YHZQ(2)   [Accounting period]  

Any adoption of an accounting period in lieu of a year of income is to be ignored for the purposes of:

(a) this section; and

(b) the application of Division 16E of Part III in relation to this section.