Taxation Administration Act 1953

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

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History

Sch 1 inserted by No 178 of 1999 (as amended by No 179 of 1999 and No 44 of 2000).

Note: See section 3AA .

Chapter 2 - Collection, recovery and administration of income tax  

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History

Ch 2 title inserted by No 73 of 2006 , s 3 and Sch 5 item 40, effective 1 July 2006.

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

Division 18 - Recipient ' s entitlements and obligations  

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Subdivision 18-A - Crediting withheld amounts  

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Commissioner ' s Remedial Power

Note: 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.

SECTION 18-1   WHAT THIS SUBDIVISION IS ABOUT  

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In general, an entity:

• that receives a withholding payment (except one covered by section 12-215 , 12-250 or 12-285 , Subdivision 12-FC , or subsection 12-390(4) ); or

• that is the foreign resident for which a withholding payment covered by section 12-215 , 12-250 or 12-285 , Subdivision 12-FC , or subsection 12-390(4) , (or a part of it) is received;

is entitled to a credit for the amount withheld from the withholding payment.

However, if that entity is a partnership or trust, a partner, beneficiary or trustee may be entitled to the credit.

This Subdivision tells you:

• who is entitled to a credit; and

• how to work out the amount of the credit.

How a credit is applied is set out in Division 3 of Part IIB .

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History

S 18-1 amended by No 58 of 2012, s 3 and Sch 1 item 17, by inserting " Subdivision 12-FC, " after " or 12-285, " (wherever occurring), effective 21 June 2012.

S 18-1 amended by No 32 of 2008 , s 3 and Sch 1 item 39, by substituting the first two bullet points, applicable to fund payments made in relation to the first income year starting on or after the first 1 July after 23 June 2008 and later income years. The bullet points formerly read:

• that receives a withholding payment (except one covered by section 12-215, 12-250 or 12-285); or

• that is the foreign resident for which a withholding payment covered by section 12-215, 12-250 or 12-285 (or a part of it) is received;

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