TAXATION ADMINISTRATION ACT 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 2 - Collection, recovery and administration of income tax  

PART 2-5 - PAY AS YOU GO (PAYG) WITHHOLDING  

Division 18 - Recipient ' s entitlements and obligations  

Subdivision 18-A - Crediting withheld amounts  

Entitlement to credits: dividend, interest or royalty, amount attributable to fund payment or Seasonal Labour Mobility Program

SECTION 18-32   CREDIT: AMOUNT ATTRIBUTABLE TO FUND PAYMENT  

18-32(1)  
An entity is entitled to a credit if:


(a) the entity ' s *ordinary income or *statutory income includes an amount that is represented by or reasonably attributable to a *fund payment; and


(b) the entity has borne all or part of:


(i) an *amount withheld from the payment under Subdivision 12-H ; or

(ii) an amount paid under Division 12A in respect of the fund payment.

18-32(2)  
The amount of the credit is that amount or part.

18-32(3)  


Subsection (4) applies if:


(a) all or part of an amount (the fund payment part ) is represented by a payment that is a *fund payment; and


(b) under subsection 840-805(4A) of the Income Tax Assessment Act 1997 , a *foreign pension fund is taken, in respect of the fund payment part, to be a beneficiary in its own right, and not a beneficiary in the capacity of the trustee of another trust; and


(c) there is an *amount withheld from the fund payment under Subdivision 12-H .

18-32(4)  


For the purposes of paragraph (1)(b):


(a) treat the *foreign pension fund as having borne all or part of the amount withheld; and


(b) treat a beneficiary of the foreign pension fund as not having borne all or part of the amount withheld.




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