A New Tax System (Pay As You Go) Act 1999 (178 of 1999)

Schedule 3  

60   Subsection 995-1(1)

Insert:

withholding payment means:

(a) a payment from which an amount must be withheld under Division 12 in Schedule 1 to the Taxation Administration Act 1953 (even if the amount is not withheld); or

(b) a *non-cash benefit in respect of which Division 14 in that Schedule requires an amount to be paid to the Commissioner.

(A withholding payment that consists of a non-cash benefit is made when the benefit is provided. The amount of the withholding payment is taken to be the *market value of the benefit at that time.)

Note: Divisions 12 and 14 in Schedule 1 to the Taxation Administration Act 1953 deal with collecting amounts on account of income tax payable by the recipient of the payment or non-cash benefit.