TAXATION ADMINISTRATION REGULATIONS 1976 (REPEALED)

PART 5 - PAY AS YOU GO WITHHOLDING

Division 3 - Payments in respect of which ABNs or TFNs not quoted and Part VA investment payments

REGULATION 36 ETPs AND SUPERANNUATION LUMP SUMS FOR WHICH TFN IS NOT QUOTED

36(1)
This regulation applies if an individual has not made a TFN declaration that is in effect under Division 3 of Part VA of the Income Tax Assessment Act 1936 to an entity that:

(a) makes an ETP to the individual; or

(b) pays a superannuation lump sum to the individual.

36(1A)
However, this regulation does not apply in relation to an individual if subsection 12-1(1A) of Schedule 1 to the Act applies to the payment of the ETP or the superannuation lump sum.

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36(2)
If the individual is a prescribed non-resident, the amount to be withheld from the ETP or the superannuation lump sum under section 12-85 of Schedule 1 to the Act is the amount worked out by multiplying the number of whole dollars in the taxable component of the ETP or the superannuation lump sum, by the highest rate specified in the table in Part II of Schedule 7 to the Income Tax Rates Act 1986 .

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36(3)
If the individual is not a prescribed non-resident, the amount to be withheld from the ETP or the superannuation lump sum under section 12-85 of Schedule 1 to the Act is the amount worked out by multiplying the number of whole dollars in the taxable component of the ETP or the superannuation lump sum, by the top rate.

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36(4)
In this regulation:

employment termination payment
has the meaning given by subsection 995-1(1) of the 1997 Tax Act;

ETP
means an employment termination payment.

superannuation lump sum
has the meaning given by subsection 995-1(1) of the 1997 Tax Act.

taxable component of the payment
means:

(a) a taxable component of an employment termination payment within the meaning given by subsection 995-1(1) of the 1997 Tax Act; or

(b) a taxable component of a superannuation benefit within the meaning given by subsection 995-1(1) of the 1997 Tax Act.

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History

Reg 36 substituted by SLI No 77 of 2007, reg 3 and Sch 1 item 7, applicable in relation to a financial year commencing on or after 1 July 2007. Reg 36 formerly read:

REGULATION 36 ETPs FOR WHICH TFNs NOT QUOTED
36(1)
In this regulation:
eligible termination payment
(or ETP ) has the meaning given by subsection 27A(1) of the Income Tax Assessment Act 1936 .

post-June 83 component
, in relation to an ETP, means the amount that would be the post-June 83 component of the ETP for the purposes of paragraph (e) of subsection 27AA(1) of the Income Tax Assessment Act 1936 if:

(a) paragraph (ca) of that subsection were omitted; and

(b) the expression " - EC " (wherever occurring) were omitted from paragraph (d) of that subsection.

pre-July 83 component
, in relation to an ETP, means the amount that would be the pre-July 83 component of the ETP for the purposes of paragraph 27AA(1)(d) of the Income Tax Assessment Act 1936 if the expression " - EC " (wherever occurring) were omitted from that paragraph.

prescribed non-resident
(Omitted by SR No 152 of 2000)
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History

Definition of " prescribed non-resident " omitted by SR No 152 of 2000.

retained amount of the post-June 83 component
and retained amount of the pre-July 83 component have the same meanings as in subsection 27AC(2) of the Income Tax Assessment Act 1936 .

36(2)
If an individual has not made a TFN declaration that is in effect under Division 3 of Part VA of the Income Tax Assessment Act 1936 to an entity making an ETP to the individual, the amount to be withheld from the ETP under section 12-85 of Schedule 1 to the Act is:

(a) if the individual is a prescribed foreign resident - the amount worked out by multiplying the number of whole dollars in the sum of the retained amount of the pre-July 83 component, and the retained amount of the post-June 83 component, of the ETP by 0.45; and

(b) if the individual is not a prescribed foreign resident - the amount worked out by multiplying the number of whole dollars in the sum of the retained amount of the pre-July 83 component, and the retained amount of the post-June 83 component, of the ETP by 0.465.
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History

Reg 36(2) amended by SLI No 216 of 2006, reg 6 and Sch 4 item 11, by substituting " prescribed foreign resident " for " prescribed non-resident " in paras (a) and (b), effective 14 September 2006.

Reg 36 amended by SLI No 156 of 2006, reg 3 and Sch 1 item 3, by substituting " 0.45 " for " 0.47 " in para (a) and substituting " 0.465 " for " 0.485 " in para (b), effective 1 July 2006.

Reg 36 inserted by SR No 73 of 2000.

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