INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 4 - Collection of withholding tax  

SECTION 221YK   INTERPRETATION  

221YK(1)   [Definitions]  

In this Division, unless the contrary intention appears -

"dividend"
includes a part of a dividend;

"interest"
means any amount that is, or is deemed to consist of, interest for the purposes of Division 11A of Part III .

221YK(1A)    

221YK(2)   [Distributions by liquidator]  

A reference in this Division to a company shall, in relation to distributions by a liquidator of the company or by any other person that, by virtue of section 47 , are deemed to be dividends paid by the company, be read as including a reference to the liquidator or that other person.

221YK(3)   [Interest or royalty deemed paid or payable]  

For the purposes of this Division:

(a) interest or a royalty shall be deemed to have been paid by a person to another person although it is not actually paid over to the other person but is reinvested, accumulated, capitalized, carried to any reserve, sinking fund or insurance fund however designated, or otherwise dealt with on behalf of the other person or as the other person directs; and

(b) interest or a royalty shall be deemed to be payable by a person to another person although it is not actually to be paid over to the other person but is to be reinvested, accumulated, capitalized, carried to any reserve, sinking fund or insurance fund however designated, or is otherwise to be dealt with on behalf of the other person or as the other person directs.

221YK(4)   [Trustee is non-resident]  

For the purposes of this Division the trustee of a provident, benefit, superannuation or retirement fund is a non-resident at a particular time if, and only if, the fund is a non-resident superannuation fund at that time.

221YK(5)   [Deemed trustee of fund]  

If, apart from this subsection, there is, in relation to a fund, no person who is a trustee of the fund for the purposes of this Division, the person, or each of the persons, who manages the fund is taken, for the purposes of this Division, to be the trustee, or a trustee, as the case requires, of the fund.