Taxation Administration Act 1953

Sch 1 inserted by No 178 of 1999 (as amended by No 179 of 1999 and No 44 of 2000).

Ch 2 title inserted by No 73 of 2006 , s 3 and Sch 5 item 40, effective 1 July 2006.

Subdiv 16-C applies to the financial year starting on 1 July 2000 and to later financial years.

S 16-165(2) amended by No 56 of 2010, s 3 and Sch 6 item 50, by substituting " a payment that is an *employment termination payment or would be one except that it is received more than 12 months after termination of employment, " for " an *employment termination payment, " in para (b), applicable in relation to payments made on or after 1 July 2010.

S 16-165 amended by No 55 of 2016, s 3 and Sch 23 item 17, by inserting the note, effective 1 October 2016. For application provisions, see note under Div 389 heading.

S 16-165 amended by No 143 of 2007 , s 3 and Sch 5 item 47, by substituting payer for payee , applicable to the 2007-2008 income year and later years.

S 16-165 substituted by No 15 of 2007, s 3 and Sch 1 item 373, applicable to the 2007-2008 income year and later years. S 16-165 formerly read:

SECTION 16-165 PAYMENT SUMMARY FOR RETAINED AMOUNT IN RELATION TO ELIGIBLE TERMINATION PAYMENT  
16-165(1)
Within 14 days after an entity (the payer ) makes an *eligible termination payment that includes one or more retained amounts mentioned in subsection 27AC(2) of the Income Tax Assessment Act 1936 , the payer must:

(a) give a *payment summary that covers the retained amount or amounts to the recipient of the payment (the recipient ); and

(b) give a copy of the summary to the Commissioner.

(The summary must cover only the retained amount or amounts.)

Note:

The payer must give the payment summary even if the payment is not covered by section 12-85.

Exceptions

16-165(2)
Subsection (1) does not apply if the *eligible termination payment:

(a) is of a kind mentioned in paragraph (a) or (jaa) of the definition of eligible termination payment in subsection 27A(1) of the Income Tax Assessment Act 1936 ; and

(b) is a CGT exempt component within the meaning of that subsection.

16-165(3)
Subsection (1) also does not apply if the *eligible termination payment:

(a) is a death benefit of a kind set out in item 2 or 4 of Table 1 in subsection 27AAA(2) of the Income Tax Assessment Act 1936 ; and

(b) is made to a person who is a dependant (within the meaning of paragraph (b) of the definition of dependant in subsection 27A(1) of that Act) of the deceased taxpayer concerned.

S 16-165 substituted by No 44 of 2000.