INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 4 - Collection of withholding tax  

SECTION 221YN   DEDUCTIONS TO BE FORWARDED TO COMMISSIONER ETC.  

221YN(1)   [Obligation to forward deduction and statement]  

Where a person has made a deduction from a dividend, from interest or from royalties and that deduction was made, or purports to have been made, under section 221YL :

(a) that person shall, within 21 days after the end of the month in which the deduction was made, pay to the Commissioner an amount equal to the deduction; and

(b) that person shall, before the expiration of 4 months after the end of the financial year in which the deduction was made or within such further time as the Commissioner allows, furnish to the Commissioner a statement with respect to the deduction, in a form authorized by the Commissioner, signed by or on behalf of the person who made the deduction.

221YN(2)   [Obligation to notify]  

A person who must pay an amount to the Commissioner under paragraph (1)(a) must notify the Commissioner of the amount on or before the day on which the amount is due to be paid (regardless of whether it is paid).

221YN(2A)   [Liability to failure to notify penalty]  

If the person fails to do so, or notifies the Commissioner of an amount that is less than the correct amount, the person is liable to pay the failure to notify penalty on the amount, or on the amount of the shortfall, for each day in the period that:

(a) started at the beginning of the day by which the amount was due to be paid; and

(b) finishes at the end of the day before the Commissioner receives notification from the person, or otherwise becomes aware, of the correct amount.

Note:

The failure to notify penalty is worked out under Division 2 of Part IIA of the Taxation Administration Act 1953 .

221YN(2B)   [Approved form]  

The notification must be in a form approved in writing by the Commissioner.

221YN(2C)   [Liability to late reconciliation statement penalty]  

A person who fails to give the Commissioner a statement under paragraph (1)(b), by the time by which it must be given to the Commissioner, is liable to pay the late reconciliation statement penalty.

Note 1:

The late reconciliation statement penalty is worked out under Division 3 of Part IIA of the Taxation Administration Act 1953 .

Note 2:

Subsection (3) provides an alternative liability for failing to give the statement to the Commissioner.

221YN(3)   [Statement not forwarded]  

A person, other than the Commonwealth, a State or an authority of the Commonwealth or of a State, who refuses or fails to comply with paragraph (1)(b) is guilty of an offence punishable on conviction by a fine not exceeding $1,000.

221YN(4)   [Liability to general interest charge]  

If any of the amount which a person is liable to pay under paragraph (1)(a) remains unpaid after the time by which it is due to be paid, the person is liable to pay the general interest charge on the unpaid amount for each day in the period that:

(a) started at the beginning of the day by which the amount was due to be paid; and

(b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:

(i) the amount;

(ii) general interest charge on any of the amount.

Note:

The general interest charge is worked out under Division 1 of Part IIA of the Taxation Administration Act 1953 .

221YN(5) - (7)    
(Repealed by No 11 of 1999)

221YN(8) - (10)