Variation 42
Australian Government
This legislative Instrument repeals the following legislative instrument:
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- Legislative Instrument No. F2006B00211 registered on 23 January 2006.
Taxation Administration Act 1953
PAYG Withholding Variation
I, Steve Vesperman, Deputy Commissioner of Taxation, make this determination under:
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- section 15-15 of Schedule 1 to the Taxation Administration Act 1953, and
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- section 16-180 of Schedule 1 to the Taxation Administration Act 1953.
1. Name of instrument
This determination is the PAYG Withholding Variation: Insurance and Compensation.
2. Commencement
This instrument commences on 1 April 2016.
3. Repealing of existing instrument
This legislative instrument repeals legislative instrument:
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- PAYG Withholding Variation: Insurance and Compensation - F2006B00211, registered on 23 January 2006
4. Application
This instrument applies to payments covered by Section 12-190 in Schedule 1 to the Taxation Administration Act 1953 and within the class of cases described below: :
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- an insurer to another entity in settlement of a claim under an insurance policy, or
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- an entity operating a statutory compensation scheme to another entity in settlement of a claim for compensation under that scheme, or
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- an entity operating a compulsory third party scheme to another entity in settlement of a claim for compensation under that scheme.
5. Amount to be withheld
The amount to be withheld from payments covered by this instrument has been varied to nil.
6. Payment summaries
An entity is exempted under section 16-180 of Schedule 1 to the Taxation Administration Act 1953 from the requirement to issue payment summaries under section 16-167 of Schedule 1 for payments that are covered by this instrument.
Signed on 23 March 2016
Steve Vesperman
Deputy Commissioner of Taxation
Registration Number: F2016L00433
Registration Date: 28 March 2016
Variation 42 - Explanatory statement