Taxation Administration Act 1953
View history note
Hide history noteNote: See section 3AA .
Chapter 2 - Collection, recovery and administration of income taxNote: 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.
Declaration that an entity is an Australian resident
14-225(1)
An entity may, in writing, declare that, for a specified period, the entity is and will be an Australian resident.
Note:
Such a declaration could result in you not being required to pay an amount under this Subdivision (see subsection 14-210(3) ).
Declaration that asset not an indirect Australian real property interest
14-225(2)
An entity may, in writing, declare that, for a specified period, specified *CGT assets are *membership interests but not *indirect Australian real property interests.
Note:
Such a declaration could result in you not being required to pay an amount under this Subdivision (see subsection 14-210(3) ).
Limit on the periods for which declarations have effect
14-225(3)
A period specified in a declaration under this section is of no effect to the extent that it includes days later than 6 months after the day the declaration is made.
Declarations are not legislative instruments
14-225(4)
A declaration under this section is not a legislative instrument.
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