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 16 - Payer ' s obligations and rights  

Subdivision 16-A - To withhold  

Penalties for not withholding

SECTION 16-40   16-40   FAILURE TO WITHHOLD: ADMINISTRATIVE PENALTY FOR EXEMPT AUSTRALIAN GOVERNMENT AGENCY IN RELATION TO DIVIDEND, INTEREST OR ROYALTY PAYMENT  


An *exempt Australian government agency that:


(a) fails to withhold an amount as required by Division 12 from a *withholding payment covered by Subdivision 12-F (about dividend, interest or royalty payment); or


(b) fails to pay to the Commissioner an amount as required by Division 14 in respect of a withholding payment covered by that Subdivision;

is liable to pay to the Commissioner a penalty equal to that amount.

Note 1:

An exempt Australian government agency may become liable under this section in respect of a payment it made or received that is taken to have been subject to withholding tax as a result of a Commissioner ' s determination under subsection 177F(2A) of the Income Tax Assessment Act 1936 (see also subsection 177F(2F) of that Act).

Note 2:

Division 298 in this Schedule contains machinery provisions for administrative penalties.




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