History
Sch 1 inserted by No 178 of 1999 (as amended by No 179 of 1999 and No 44 of 2000).
History
Ch 2 title inserted by
No 73 of 2006
, s 3 and Sch 5 item 40, effective 1 July 2006.
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.
History
S 18-75 repealed by No 15 of 2007, s 3 and Sch 3 item 65, applicable to the 2007-2008 income year and later years. S 18-75 formerly read:
SECTION 18-75 REFUND OF WITHHELD AMOUNTS RELATING TO ELIGIBLE TERMINATION PAYMENT
18-75(1)
The Commissioner must refund all or part of an *amount withheld from a *withholding payment covered by section
12-85
(about eligible termination payment) if:
(a)
the Commissioner is satisfied that an amount (the
applied amount
) that is the whole or a part of the *eligible termination payment:
(i)
is taken to have been rolled-over for the purposes of Subdivision
AA
of Division
2
of Part
III
of the
Income Tax Assessment Act 1936
; or
(ii)
will be taken to have been rolled-over because of an amount or amounts being paid to a entity or entities (the
payee
or
payees
) as mentioned in subsection
27A(12)
of that Act; and
(b)
if the applied amount is a part of the eligible termination payment
-
the withheld amount exceeds the amount that would have been the *amount required to be withheld if the eligible termination payment had not included the applied amount.
History
S 18-75(1) amended by
No 58 of 2006
, s 3 and Sch 7 item 163, by substituting
"
the entity or entities
"
for
"
the person or persons
"
in para (a)(ii), effective 22 June 2006.
18-75(2)
The amount refundable is:
(a)
if the applied amount is the whole of the *eligible termination payment
-
the *amount withheld from the *withholding payment; or
(b)
if the applied amount is a part of the eligible termination payment
-
the excess referred to in paragraph (1)(b).
History
S 18-75(2) renumbered from s 18-75(3) by No 41 of 2005.
S 18-75(3) amended by No 101 of 2004.
18-75(3)
The Commissioner must refund that amount:
(a)
by paying the refundable amount to the recipient of the *eligible termination payment; or
(b)
by paying to the recipient, and the payee or payees on behalf of the recipient, amounts equal in the aggregate to the refundable amount; or
(c)
by paying to the payee or payees on behalf of the recipient the refundable amount, or amounts equal in the aggregate to the refundable amount;
as appropriate.
History
S 18-75(3) renumbered from s 18-75(4) by No 41 of 2005.
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