Taxation Administration Act 1953
View history note
Hide history noteNote: See section 3AA .
Chapter 2 - Collection, recovery and administration of income taxNote: 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.
A transaction that results in the * acquisition of a * CGT asset is excluded under this section if:
(a) (Repealed by No 135 of 2024) (b) the transaction is on an * approved stock exchange; or (c) the transaction is conducted using a crossing system (within the meaning of the * market integrity rules); or (d) an amount is already required to be withheld (other than under Subdivision 14-E ) from a * withholding payment relating to the transaction; or (e) subsection 26BC(3) of the Income Tax Assessment Act 1936 (about securities lending arrangements) applies in relation to the transaction as a result of the transaction being covered by subparagraph (a)(ii) of that subsection; or (f) any of the entities to which subsection 14-210(1) (about foreign residents) applies at the time of the transaction:
(i) is a company for which any of the conditions in paragraph 161A(1)(a) of the Corporations Act 2001 (about insolvency and external administration) is satisfied; or
(ii) is, under a * foreign law, in the same or a similar position to a company covered by subparagraph (i); or
(g) the transaction arises from any of the following:
(i) the administration of the estate of a bankrupt;
(ii) a composition or scheme of arrangement accepted under Division 6 of Part IV of the Bankruptcy Act 1966 ;
(iii) a debt agreement under Part IX of that Act;
(iv) a personal insolvency agreement under Part X of that Act;
(v) circumstances that are, under a foreign law, the same or similar to those in any of the above subparagraphs.
Note:
This section is relevant to whether you must pay an amount to the Commissioner under section 14-200 .
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