Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006 (101 of 2006)
Schedule 6 Application and saving provisions
Part 1 Application provisions
3 Application of TFN withholding tax amendments
(1) The amendment made by item949 of Schedule 2 applies to payments made on or after the day on which this Act receives the Royal Assent.
(2) The repeal of Subdivision C of Division 3B of Part VI of the Income Tax Assessment Act 1936 by item 163 of Schedule 1 to this Act, and the insertion of section 14-55 in Schedule 1 to the Taxation Administration Act 1953 by item 955 of Schedule 2 to this Act, apply to the 2006-07 income year and later income years.
(3) The insertion of sections 14-50, 14-60, 14-65, 14-75 and 14-85 in Schedule 1 to the Taxation Administration Act 1953 by item 955 of Schedule 2 to this Act applies to tax payable in accordance with former section 221YHZR of the Income Tax Assessment Act 1936 as if:
(a) the tax were TFN withholding tax (payable under section 14-55 in that Schedule); and
(b) section 14-55 in that Schedule applied to the income year in respect of which the tax is payable.