Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES

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Note: See section 3AA .

Chapter 2 - Collection, recovery and administration of income tax

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PART 2-5 - PAY AS YOU GO (PAYG) WITHHOLDING

Division 12 - Payments from which amounts must be withheld

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Subdivision 12-C - Payments for retirement or because of termination of employment

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History

Subdiv 12-C (heading) substituted by No 56 of 2010, s 3 and Sch 6 item 46, applicable in relation to payments made on or after 1 July 2010. The heading formerly read:

Superannuation payments, employment termination payments and unused leave payments

Subdiv 12-C substituted by No 15 of 2007, s 3 and Sch 1 item 369, applicable to the 2007-2008 income year and later years. Subdiv 12-C formerly read:

Subdivision 12-C - Retirement payments, eligible termination payments and annuities
SECTION 12-80 PAYMENT OF PENSION OR ANNUITY
12-80
An entity must withhold an amount from a payment it makes to an individual if the payment is:

(a) a pension within the meaning of the Superannuation Industry (Supervision) Act 1993 or the Retirement Savings Accounts Act 1997 ; or

(b) an annuity within the meaning of the Superannuation Industry (Supervision) Act 1993 .
For exceptions, see section 12-1 .

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History

S 12-80 amended by No 8 of 2007, s 3 and Sch 1 item 25 by substituting " Retirement Savings Accounts Act 1997 " for " Retirement Savings Account Act 1997 " , effective 22 December 1999.

SECTION 12-85 ELIGIBLE TERMINATION PAYMENT
12-85
An entity must withhold an amount from an *eligible termination payment it makes to an individual. SECTION 12-90 PAYMENT FOR UNUSED LEAVE
12-90
An entity must withhold an amount from a payment it makes to an individual if the payment is included in the individual ' s assessable income under:

(a) section 26AC (payment for unused annual leave); or

(b) section 26AD (payment for unused long service leave);
of the Income Tax Assessment Act 1936 .

For exceptions, see section 12-1 .

SECTION 12-85

12-85 SUPERANNUATION LUMP SUMS AND PAYMENTS FOR TERMINATION OF EMPLOYMENT

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An entity must withhold an amount from any of the following payments it makes to an individual:

(a) a *superannuation lump sum;

(b) 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.

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For exceptions, see section 12-1 .

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