Taxation Administration Act 1953
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Hide history noteNote: See section 3AA .
Chapter 2 - Collection, recovery and administration of income taxNote: 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 18-120 18-120 OBJECT OF SUBDIVISION
The object of this Subdivision is to reverse the economic benefit of a credit under section 18-15 (Tax credit for recipient of withholding payment) of a director, or an * associate of a director, of a company if:
(a) the company does not comply with its obligations under subsection 16-70(1) (obligation to pay amounts withheld to the Commissioner); and
(b) the credit is attributable to * amounts withheld from * withholding payments made by the company to the director or associate;
until the company complies with its obligations.
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