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.

Entitlement to credit: taxable supply of real property

SECTION 18-60   CREDIT - PAYMENT RELATING TO TAXABLE SUPPLY OF REAL PROPERTY  

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18-60(1)    
An entity is entitled to a credit if:

(a)    

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the entity is liable for *GST on a *taxable supply to which subsection 14-250(2) applies; and

(b)    another entity made a payment under section 14-250 in relation to the supply.

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History

S 18-60(1) amended by No 76 of 2023, s 3 and Sch 6 item 43, by substituting " is liable for *GST on " for " made " in para (a), effective 1 October 2023. No 76 of 2023, s 3 and Sch 6 item 44 contains the following application provision:

44 Application of amendments  
44
The amendments made by this Part apply in relation to supplies to which subsection 14-250(2) in Schedule 1 to the Taxation Administration Act 1953 applies, whether those supplies were made before, on or after the commencement of this item.

Note:

Generally, subsection 14-250(2) in Schedule 1 to the Taxation Administration Act 1953 applies in relation to supplies for which any of the consideration (other than consideration provided as a deposit) was first provided on or after 1 July 2018 (see Part 3 of Schedule 5 to the Treasury Laws Amendment (2018 Measures No. 1) Act 2018 ).

18-60(2)    
The amount of the credit is an amount equal to the amount of the payment.

18-60(3)    
The credit arises when an assessment has been made of the entity ' s *net amount for the *tax period of the entity in which the payment was made.

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History

S 18-60 inserted by No 23 of 2018, s 3 and Sch 5 item 3, effective 1 April 2018. For application provisions, see note under Subdiv 14-E heading.

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