PART 5
-
PAY AS YOU GO WITHHOLDING
History
Part 5 inserted by SR No 73 of 2000.
Division 3
-
Payments in respect of which ABNs or TFNs not quoted and Part VA investment payments
History
Div 3 inserted by SR No 73 of 2000.
REGULATION 34
PART VA INVESTMENT PAYMENTS
34(1)
The amount to be withheld under section 12-140 or 12-145 of Schedule 1 to the Act from a payment of income in respect of a Part VA investment is an amount equal to the product of the top rate and the amount of the payment.
History
Reg 34(1) amended by SLI No 216 of 2006, reg 6 and Sch 4 item 8, by substituting
"
the product of the top rate and the amount of the payment.
"
for
"
46.5% of the amount of the payment.
"
, effective 14 September 2006.
Reg 34(1) amended by SLI No 156 of 2006, reg 3 and Sch 1 item 1, by substituting
"
46.5%
"
for
"
48.5%
"
, effective 1 July 2006.
34(2)
Subregulation (3) applies if
(a)
the payment from which that amount is to be withheld is a franked distribution; and
(b)
the franking percentage is less than 100%.
History
Reg 34(2) amended by SLI No 216 of 2006, reg 6 and Sch 4 item 9, by substituting
"
franked distribution; and
"
for
"
dividend that has been franked in accordance with section 160AQF of the
Income Tax Assessment Act 1936
; and
"
in para (a), effective 14 September 2006.
34(3)
The amount to be withheld from the payment is the amount worked out using the formula:
Unfranked part of the distribution
×
top rate.
History
Reg 34(3) substituted by SLI No 216 of 2006, reg 6 and Sch 4 item 10, effective 14 September 2006. Reg 34(3) formerly read:
34(3)
The amount to be withheld from the payment is the amount worked out using the formula:
(Amount of payment
-
franked amount)
×
0.465
Reg 34(3) substituted by SLI No 156 of 2006, reg 3 and Sch 1 item 2, effective 1 July 2006. Reg 34(3) formerly read:
34(3)
The amount to be withheld from the payment is the amount worked out using the formula:
(Amount of payment
-
franked amount)
×
0.485
34(4)
In this regulation:
franked distribution
has the meaning given in subsection
995-1(1)
of the
Income Tax Assessment Act 1997
.
franking percentage
has the meaning given in subsection
995-1(1)
of the
Income Tax Assessment Act 1997
.
Part VA investment
has the meaning given in subsection
995-1(1)
of the
Income Tax Assessment Act 1997
.
top rate
(Repealed by SLI No 189 of 2010)
History
Definition of
"
top rate
"
repealed by SLI No 189 of 2010, reg 3 and Sch 1 item 2, effective 20 June 2010. The definition formerly read:
top rate
means the sum of:
(a)
the highest rate specified in the table in Part
I
of Schedule
7
to the
Income Tax Rates Act 1986
; and
(b)
the rate of levy specified in subsection
6(1)
of the
Medicare Levy Act 1986
.
unfranked part of the distribution
has the meaning given by subsection
995-1(1)
of the
Income Tax Assessment Act 1997
.
Note:
For
top rate
, see regulation
2
.
History
Reg 34(4) amended by SLI No 189 of 2010, reg 3 and Sch 1 item 3, by inserting the note at the end, effective 1 July 2010.
Reg 34(4) substituted by SLI No 216 of 2006, reg 6 and Sch 4 item 10, effective 14 September 2006. Reg 34(4) formerly read:
34(4)
In this regulation:
franked amount
and
franking percentage
have the meanings given by section 160APA of the
Income Tax Assessment Act 1936
.
Part VA investment
has the meaning given in subsection 995-1(1) of the
Income Tax Assessment Act 1997
.
History
Reg 34 inserted by SR No 73 of 2000.
View history note
Hide history note