Taxation Legislation Repeal and Amendment Regulations 2006 (No. 1) (216 of 2006)

Schedule 4   Amendments of Taxation Administration Regulations 1976

[10]   Subregulations 34 (3) and (4)

substitute

(3) The amount to be withheld from the payment is the amount worked out using the formula:

Unfranked part of the distribution x top rate.

(4) In this regulation:

franked distribution has the meaning given in subsection 995-1 (1) of the Income Tax Assessment Act 1997.

franking percentage has the meaning given in subsection 995-1 (1) of the Income Tax Assessment Act 1997.

Part VA investment has the meaning given in subsection 995-1 (1) of the Income Tax Assessment Act 1997.

top rate means the sum of:

(a) the highest rate specified in the table in Part I of Schedule 7 to the Income Tax Rates Act 1986; and

(b) the rate of levy specified in subsection 6 (1) of the Medicare Levy Act 1986.

unfranked part of the distribution has the meaning given by subsection 995-1 (1) of the Income Tax Assessment Act 1997.