SCHEDULE 1
-
COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
History
Sch 1 inserted by No 178 of 1999 (as amended by No 179 of 1999 and No 44 of 2000).
Note: See section
3AA
.
Chapter 2
-
Collection, recovery and administration of income tax
History
Ch 2 title inserted by
No 73 of 2006
, s 3 and Sch 5 item 40, effective 1 July 2006.
PART 2-5
-
PAY AS YOU GO (PAYG) WITHHOLDING
Division 14
-
Benefits, gains and taxable supplies for which amounts must be paid to the Commissioner
History
Div 14 heading substituted by No 23 of 2018, s 3 and Sch 5 item 12, effective 1 April 2018. For application provisions, see note under Subdiv
14-E
heading. The heading formerly read:
Division 14
-
Non-cash benefits, and accruing gains, for which amounts must be paid to the Commissioner
Div 14 heading substituted by
No 101 of 2006
, s 3 and Sch 2 item 951, effective 14 September 2006. The heading formerly read:
"
Non-cash benefits for which amounts must be paid to the Commissioner
"
.
Div 14 applies to a non-cash benefit provided on or after 1 July 2000.
Subdivision 14-D
-
Capital proceeds involving foreign residents and taxable Australian property
History
Subdiv 14-D inserted by No 10 of 2016, s 3 and Sch 2 item 1, effective 26 February 2016. No 10 of 2016, s 3 and Sch 2 item 30 contains the following application provision:
30 Application of amendments
30
The amendments made to the extent that they relate to acquisitions of a kind described in section
14-200
in Schedule
1
to the
Taxation Administration Act 1953
, apply in relation to acquisitions on or after 1 July 2016.
Note:
For working out when a CGT asset is acquired, see Division
109
of the
Income Tax Assessment Act 1997
.
Commissioner
'
s Remedial Power
Note:
A Commissioner
'
s Remedial Power (CRP 2017/1) is relevant to this part of the tax law. Taxation Administration (Remedial Power
-
Foreign Resident Capital Gains Withholding) Determination 2017 (F2017L00992) modifies the operation of s
18-15
,
18-20
and
18-25
in Sch
1
to the
Taxation Administration Act 1953
as follows:
To the extent that an entity
'
s entitlement to a credit referred to in s
18-15
,
18-20
or
18-25
in Sch
1
to TAA is in respect of an amount paid to the Commissioner under Subdiv
14-D
of Sch
1
to TAA, treat the entitlement as arising in the income year in which the transaction causing that application of Subdiv
14-D
is recognised for income tax purposes for the entity. The modification applies in respect of transactions entered into on or after 1 July 2016.
An entity must treat a modification as not applying to it or any other entity if the modification would produce a less favourable result for it. The Commissioner is empowered by s
370-5
of Sch
1
to TAA to make modifications, by legislative instrument, to ensure the law is administered to achieve its intended purpose or object.
SECTION 14-215
14-215
EXCLUDED TRANSACTIONS
A transaction that results in the *acquisition of a *CGT asset is excluded under this section if:
(a)
(Repealed by No 135 of 2024)
(b)
the transaction is on an *approved stock exchange; or
(c)
the transaction is conducted using a crossing system (within the meaning of the *market integrity rules); or
(d)
an amount is already required to be withheld (other than under Subdivision
14-E
) from a *withholding payment relating to the transaction; or
(e)
subsection
26BC(3)
of the
Income Tax Assessment Act 1936
(about securities lending arrangements) applies in relation to the transaction as a result of the transaction being covered by subparagraph
(a)(ii)
of that subsection; or
(f)
any of the entities to which subsection
14-210(1)
(about foreign residents) applies at the time of the transaction:
(i)
is a company for which any of the conditions in paragraph
161A(1)(a)
of the
Corporations Act 2001
(about insolvency and external administration) is satisfied; or
(ii)
is, under a *foreign law, in the same or a similar position to a company covered by subparagraph (i); or
(g)
the transaction arises from any of the following:
(i)
the administration of the estate of a bankrupt;
(ii)
a composition or scheme of arrangement accepted under Division
6
of Part
IV
of the
Bankruptcy Act 1966
;
(iii)
a debt agreement under Part
IX
of that Act;
(iv)
a personal insolvency agreement under Part
X
of that Act;
(v)
circumstances that are, under a foreign law, the same or similar to those in any of the above subparagraphs.
Note:
This section is relevant to whether you must pay an amount to the Commissioner under section
14-200
.
History
S 14-215(1) amended by No 135 of 2024, s 3 and Sch 1 items 4 and 5, by omitting
"
(1)
"
before
"
A transaction
"
and repealing para (a), applicable in relation to acquisitions that occur on or after the later of: (a) the start of 1 January 2025; and (b) 1 January 2025. Para (a) formerly read:
(a)
just after the transaction, the CGT asset:
(i)
is *taxable Australian real property; or
(ii)
is an *indirect Australian real property interest, the holding of which causes a company title interest (within the meaning of Part X of the Income Tax Assessment Act 1936) to arise;
and the *market value of the CGT asset is less than $750,000; or
S 14-215(1) amended by No 23 of 2018, s 3 and Sch 5 item 13, by inserting
"
(other than under Subdivision 14-E)
"
in para (d), effective 1 April 2018. For application provisions, see note under Subdiv
14-E
heading.
S 14-215(1) amended by No 57 of 2017, s 3 and Sch 1 item 3, by substituting
"
$750,000
"
for
"
$2 million
"
in para (a), applicable in relation to acquisitions occurring on or after 1 July 2017.
History
S 14-215(2) and (3) repealed by No 135 of 2024 , s 3 and Sch 1 item 6, applicable in relation to acquisitions that occur on or after the later of: (a) the start of 1 January 2025; and (b) 1 January 2025. S 14-215(2) and (3) formerly read:
Dealing with joint ownership etc. of certain CGT assets
14-215(2)
For the purposes of paragraph (1)(a), if:
(a)
the *CGT asset is an interest in real property, or an interest in a *mining, quarrying or prospecting right; and
(b)
just after the transaction, there are one or more similar interests in the same real property or right;
treat the *market value of the CGT asset just after the transaction as including the market value of each of those similar interests.
14-215(3)
Without limiting subsection (2):
(a)
treat an interest as being similar to the *CGT asset if it is specified in regulations made for the purposes of this paragraph in relation to CGT assets of that kind; and
(b)
treat an interest as not being similar to the CGT asset if it is specified in regulations made for the purposes of this paragraph in relation to CGT assets of that kind.
S 14-215 inserted by No 10 of 2016, s 3 and Sch 2 item 1, effective 26 February 2016. For application provision, see note under Subdiv
14-D
heading.
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