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-C - To provide information  

To recipients of withholding payments

SECTION 16-165   PAYMENT SUMMARIES FOR SUPERANNUATION LUMP SUMS AND PAYMENTS FOR TERMINATION OF EMPLOYMENT  

16-165(1)  


Within 14 days after an entity (the payer ) makes a payment covered under subsection (2) to a person (the recipient ), the entity must:


(a) give a *payment summary to the recipient that covers the payment (and no other payments); and


(b) give a copy of the summary to the Commissioner.

16-165(2)  
The following payments are covered under this subsection if they are *withholding payments:


(a) a *superannuation lump sum;


(b) a payment that is an *employment termination payment or would be one except that it is received more than 12 months after termination of employment, other than a directed termination payment within the meaning of section 82-10F of the Income Tax (Transitional Provisions) Act 1997 .

Note:

A payment summary under this section will not cover amounts that an employer notifies to the Commissioner under Division 389 : see section 389-20 .




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.