Taxation Administration Act 1953

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

Note: See section 3AA .

Chapter 2 - Collection, recovery and administration of income tax  

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

Division 14 - Benefits, gains and taxable supplies for which amounts must be paid to the Commissioner  

Subdivision 14-C - Shares and rights under employee share schemes  

SECTION 14-155   LIABILITY FOR TFN WITHHOLDING TAX (ESS)  

14-155(1)    
Tax ( TFN withholding tax (ESS) ) imposed by the Income Tax (TFN Withholding Tax (ESS)) Act 2009 is payable if:

(a) a company (the provider ) provides one or more *ESS interests to an individual under an *employee share scheme; and

(b) as a result, an amount is included in the individual ' s assessable income under Division 83A of the Income Tax Assessment Act 1997 for an income year (taking into account subsection (2) of this section); and

(c) the individual has quoted neither of the following to the provider before the end of the income year:

(i) if the individual acquired the interests in relation to any services provided to the provider, or to a *subsidiary of the provider, in the course or furtherance of an *enterprise *carried on by the individual - the individual ' s *ABN;

(ii) in any case - the individual ' s *tax file number.

14-155(2)    

For the purposes of paragraph (1)(b), disregard sections 83A-33 and 83A-35 of the Income Tax Assessment Act 1997 (about reducing the amount included in the individual ' s assessable income).

Note:

Disregard the 30 day rule in subsections 83A-115(3) and 83A-120(3) of the Income Tax Assessment Act 1997 for the purposes of this Subdivision: see subsection 392-5(6) in this Schedule.

14-155(3)    
The *TFN withholding tax (ESS) is payable by the provider.

14-155(4)    
The *TFN withholding tax (ESS) is due and payable at the end of 21 days after the end of the income year referred to in paragraph (1)(b).

Note 1:

When it is due and payable, the TFN withholding tax (ESS) is payable to the Commissioner: see paragraph 255-5(1)(b) .

Note 2:

The provider must pay the TFN withholding tax (ESS) to the Commissioner in accordance with Subdivision 16-B : see subsection 16-70(4) . If any of it remains unpaid, the provider is liable to pay general interest charge: see section 16-80 .

Note 3:

The Commissioner may defer the time at which TFN withholding tax (ESS) becomes due and payable: see section 255-10 .