INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 1AA - Reportable payments system (RPS)  

Subdivision B - Interpretation  

SECTION 220AC  

220AC   INTERPRETATION  
In this Division:

"arrangement"
means any agreement, arrangement, understanding, promise or undertaking, whether express or implied, and whether or not enforceable, or intended to be enforceable, by legal proceedings;

Note:

This definition is only used in section 220AQ .

"exempt inter-corporate payment"
means a payment made by a company (other than in the capacity of trustee) to another company (other than in the capacity of trustee) where, at the time of the payment:

(a) one of those companies is a subsidiary of the other company; or

(b) each of those companies is a subsidiary of a third company;

Note:

This definition is only used in paragraph (e) of the definition of ``reportable payment'' .

"government body"
means the Commonwealth, a State, a Territory or an authority of the Commonwealth, a State or a Territory;

"payee"
means a person who receives, or is entitled to receive, a reportable payment;

"payer"
means a person who makes, or has made, a reportable payment;

"payment"
has a meaning affected by section 220AD ;

"pensioner exemption declaration"
has the meaning given by section 220AP ;

"pensioner exemption declaration form"
has the meaning given by section 220AP ;

"person"
means any of the following:

(a) a company;

(b) a partnership;

(c) a person in a particular capacity of trustee;

(d) a government body;

(e) any other person;

Note 1:

Section 220AZF sets out additional rules about partnerships.

Note 2:

Section 220AZG sets out additional rules about unincorporated companies.

"reportable payment"
means a payment that:

(a) is declared by the regulations to be a reportable payment for the purposes of this Division; and

(b) is assessable income; and

(c) is not a payment of salary or wages within the meaning of section 221A ; and

(d) is not a prescribed payment within the meaning of section 221YHA ; and

(e) is not an exempt inter-corporate payment;

Note 1:

``Exempt inter-corporate payment'' is defined by this section.

Note 2:

Section 220ADA clarifies the definition of reportable payment .

"signed"
has the meaning given by section 220AE ;

"subsidiary"
has the same meaning as in section 221ED ;

Note:

This definition is only used in paragraphs (a) and (b) of the definition of ``exempt inter-corporate payment'' .

"tax file number"
has the meaning given by section 202A ;

"tax file number declaration"
has the meaning given by section 220AM ;

"tax file number declaration form"
has the meaning given by section 220AM .