INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX

Division 3B - Collection of tax in respect of certain payments

Subdivision C - Collection of TFN withholding tax payable on the non-quotation of tax file numbers in respect of eligible deferred interest investments

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SECTION 221YHZY

221YHZY REMISSION OF TFN WITHHOLDING TAX - TFN EXEMPTION DECLARATIONS NOT GIVEN
If, on written application by an investor in relation to an eligible deferred interest investment, the Commissioner is satisfied that:

(a) TFN withholding tax is or was payable in relation to the eligible deferred interest investment; and

(b) the investor did not give the investment body concerned a declaration under Division 5 of Part VA in relation to the investment even though the investor was entitled to do so; and

(c) it would be fair and reasonable to remit the whole or a part of the TFN withholding tax, having regard to:

(i) the purposes of this Division; and

(ii) such other matters (if any) as the Commissioner thinks appropriate;

the Commissioner must remit the whole, or the part, of that amount, as the case may be.

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