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 16 - Payer ' s obligations and rights

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Subdivision 16-C - To provide information

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To recipients of withholding payments

SECTION 16-165 PAYMENT SUMMARIES FOR SUPERANNUATION LUMP SUMS AND PAYMENTS FOR TERMINATION OF EMPLOYMENT

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16-165(1)

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Within 14 days after an entity (the payer ) makes a payment covered under subsection (2) to a person (the recipient ), the entity must:

(a) give a *payment summary to the recipient that covers the payment (and no other payments); and

(b) give a copy of the summary to the Commissioner.

16-165(2)
The following payments are covered under this subsection if they are *withholding payments:

(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, other than a directed termination payment within the meaning of section 82-10F of the Income Tax (Transitional Provisions) Act 1997 .

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Note:

A payment summary under this section will not cover amounts that an employer notifies to the Commissioner under Division 389 : see section 389-20 .

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History

S 16-165 amended by No 55 of 2016, s 3 and Sch 23 item 17, by inserting the note, effective 1 October 2016. For application provisions, see note under Div 389 heading.

S 16-165 amended by No 143 of 2007 , s 3 and Sch 5 item 47, by substituting payer for payee , applicable to the 2007-2008 income year and later years.

S 16-165 substituted by No 15 of 2007, s 3 and Sch 1 item 373, applicable to the 2007-2008 income year and later years. S 16-165 formerly read:

SECTION 16-165 PAYMENT SUMMARY FOR RETAINED AMOUNT IN RELATION TO ELIGIBLE TERMINATION PAYMENT
16-165(1)
Within 14 days after an entity (the payer ) makes an *eligible termination payment that includes one or more retained amounts mentioned in subsection 27AC(2) of the Income Tax Assessment Act 1936 , the payer must:

(a) give a *payment summary that covers the retained amount or amounts to the recipient of the payment (the recipient ); and

(b) give a copy of the summary to the Commissioner.
(The summary must cover only the retained amount or amounts.)

Note:

The payer must give the payment summary even if the payment is not covered by section 12-85.

Exceptions

16-165(2)
Subsection (1) does not apply if the *eligible termination payment:

(a) is of a kind mentioned in paragraph (a) or (jaa) of the definition of eligible termination payment in subsection 27A(1) of the Income Tax Assessment Act 1936 ; and

(b) is a CGT exempt component within the meaning of that subsection.

16-165(3)
Subsection (1) also does not apply if the *eligible termination payment:

(a) is a death benefit of a kind set out in item 2 or 4 of Table 1 in subsection 27AAA(2) of the Income Tax Assessment Act 1936 ; and

(b) is made to a person who is a dependant (within the meaning of paragraph (b) of the definition of dependant in subsection 27A(1) of that Act) of the deceased taxpayer concerned.

S 16-165 substituted by No 44 of 2000.

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