Taxation Administration Act 1953
SCHEDULE 1
-
COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
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;
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.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.