Taxation Administration Act 1953
Note: See section 3AA .Chapter 2 - Collection, recovery and administration of income tax
Tax ( TFN withholding tax (ESS) ) imposed by the Income Tax (TFN Withholding Tax (ESS)) Act 2009 is payable if:
(a) a company (the provider ) provides one or more *ESS interests to an individual under an *employee share scheme; and
(b) as a result, an amount is included in the individual ' s assessable income under Division 83A of the Income Tax Assessment Act 1997 for an income year (taking into account subsection (2) of this section); and
(c) the individual has quoted neither of the following to the provider before the end of the income year:
(i) if the individual acquired the interests in relation to any services provided to the provider, or to a *subsidiary of the provider, in the course or furtherance of an *enterprise *carried on by the individual - the individual ' s *ABN;
(ii) in any case - the individual ' s *tax file number.
For the purposes of paragraph (1)(b), disregard sections 83A-33 and 83A-35 of the Income Tax Assessment Act 1997 (about reducing the amount included in the individual ' s assessable income).
The *TFN withholding tax (ESS) is payable by the provider. 14-155(4)
The *TFN withholding tax (ESS) is due and payable at the end of 21 days after the end of the income year referred to in paragraph (1)(b).
When it is due and payable, the TFN withholding tax (ESS) is payable to the Commissioner: see paragraph 255-5(1)(b) .
The provider must pay the TFN withholding tax (ESS) to the Commissioner in accordance with Subdivision 16-B : see subsection 16-70(4) . If any of it remains unpaid, the provider is liable to pay general interest charge: see section 16-80 .
The Commissioner may defer the time at which TFN withholding tax (ESS) becomes due and payable: see section 255-10 .