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.
SECTION 18-30 CREDIT: DIVIDEND, INTEREST OR ROYALTY 18-30(1)
An entity is entitled to a credit if:
(a) the entity ' s *ordinary income, or *statutory income, includes any of the following:
(i) a *dividend (or a part of it), interest (within the meaning of Division 11A of Part III of the Income Tax Assessment Act 1936 ) or a *royalty;
(ii) an amount that is represented by or reasonably attributable to an *AMIT DIR payment; and
(b) if subparagraph (a)(i) applies - if the entity has borne all or part of an *amount withheld from the dividend, interest or royalty; and
(c) if subparagraph (a)(ii) applies - if the entity has borne all or part of an amount paid under Division 12A in respect of the AMIT DIR payment.
18-30(2)
The amount of the credit is that amount or part.
Note:
A taxpayer may also be entitled to a credit in relation to payment of interest under, or in relation to the transfer of, a qualifying security. See section 128NBA of the Income Tax Assessment Act 1936 .
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