TAXATION ADMINISTRATION ACT 1953
Note: See section 3AA .Chapter 2 - Collection, recovery and administration of income tax
Note: A Commissioner ' s Remedial Power (CRP 2017/1) is relevant to this part of the tax law. Taxation Administration (Remedial Power - Foreign Resident Capital Gains Withholding) Determination 2017 (F2017L00992) modifies the operation of s 18-15 , 18-20 and 18-25 in Sch 1 to the Taxation Administration Act 1953 as follows:
To the extent that an entity ' s entitlement to a credit referred to in s 18-15 , 18-20 or 18-25 in Sch 1 to TAA is in respect of an amount paid to the Commissioner under Subdiv 14-D of Sch 1 to TAA, treat the entitlement as arising in the income year in which the transaction causing that application of Subdiv 14-D is recognised for income tax purposes for the entity. The modification applies in respect of transactions entered into on or after 1 July 2016.
An entity must treat a modification as not applying to it or any other entity if the modification would produce a less favourable result for it. The Commissioner is empowered by s 370-5 of Sch 1 to TAA to make modifications, by legislative instrument, to ensure the law is administered to achieve its intended purpose or object.
In exercising a power under this section to vary an amount, the Commissioner must have regard to the need to protect a creditor ' s right to recover a debt. Varying particular amounts 14-235(2)
The Commissioner may, in writing, vary a particular amount payable by you to the Commissioner under this Subdivision. The variation takes effect when you become aware of it.
Decisions to vary, or not to vary, are reviewable (see section 20-80 ).14-235(3)
Any of the following entities may apply to the Commissioner in the *approved form for a variation under subsection (2):
(b) an entity from which you *acquire, or could acquire, the *CGT asset;
(c) an entity that is owed a debt by an entity covered by paragraph (b). 14-235(4)
A variation made under subsection (2) is not a legislative instrument. Varying classes of amounts 14-235(5)
The Commissioner may, by legislative instrument, vary classes of amounts payable to the Commissioner under this Subdivision. Amounts may be reduced to nil 14-235(6)
The Commissioner ' s power under subsection (2) or (5) to vary an amount includes the power to reduce the amount to nil.