Taxation Administration Regulations 2017
This section is made for the purposes of section 12-170 in Schedule 1 to the Act.
Investments other than public company shares, investors aged under 16
28(2)
An amount is not required to be withheld from a payment under section 12-140 or 12-145 in Schedule 1 to the Act if:
(a) the payment is not a payment in relation to an investment mentioned in item 6 (shares in a public company) of the table in subsection 202D(1) of the Income Tax Assessment Act 1936 ; and
(b) the payment is to be made to an investor:
(i) who had not turned 16 on the 1 January before the date on which the payment was made; and
(ii) about whose age the investment body is aware; and
(c) the amount of the payment is less than:
(i) in the case of a payment in respect of the whole of a financial year - $420; and
(ii) in any other case - an amount worked out using the formula:
Number of days in period × $420 Number of days in year where:
number of days in period
is the number of days in the period in the financial year in respect of which the amount is payable.number of days in year
is the number of days in the financial year.
Interest-bearing investments
28(3)
An amount is not required to be withheld from a payment under section 12-140 or 12-145 in Schedule 1 to the Act if:
(a) the payment is not a payment to which subsection (2) applies; and
(b) the payment is in respect of an investment of a kind mentioned in item 1 or 2 of the table in subsection 202D(1) of the Income Tax Assessment Act 1936 ; and
(c) the amount of the payment is less than:
(i) in the case of a payment in respect of the whole of a financial year - $120; and
(ii) in any other case - the amount worked out using the formula:
Number of days in period × $120 Number of days in year where:
number of days in period
is the number of days in the period in the financial year in respect of which the amount is payable.number of days in year
is the number of days in the financial year.
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