Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Regulations 2018 (F2018L00210)

Schedule 1   Withholding amounts for FHSS released amounts

Taxation Administration Regulations 2017

2   After Subdivision E of Division 3 of Part 3

Insert:

Subdivision EA - Withholding amounts for Subdivision 12-J

53A FHSS released amounts

(1) The amount to be withheld under section 12-460 in Schedule 1 to the Act from the FHSS released amounts paid in respect of an individual is:

(a) the amount of tax that the Commissioner estimates will be payable by the individual in relation to the individual's assessable FHSS released amount for an income year; or

(b) if the Commissioner is unable to make an estimate under paragraph (a) - 17% of the individual's assessable FHSS released amount for an income year.

(2) For the purposes of this section, the Commissioner may have regard to any information that the Commissioner considers relevant.