Sch 1 inserted by No 178 of 1999 (as amended by No 179 of 1999 and No 44 of 2000).

Ch 2 title inserted by No 73 of 2006 , s 3 and Sch 5 item 40, effective 1 July 2006.

S 16-40 substituted by No 58 of 2006 , s 3 and Sch 7 item 136, applicable to administrative penalties imposed after 22 June 2006. S 16-40 formerly read:

SECTION 16-40 FAILURE TO WITHHOLD: ADMINISTRATIVE PENALTY FOR EXEMPT AUSTRALIAN GOVERNMENT AGENCY IN RELATION TO DIVIDEND, INTEREST OR ROYALTY PAYMENT  
16-40(1)
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 (the penalty amount ) equal to that amount.

16-40(2)
The penalty amount is due at the time when the *exempt Australian government agency would have had to pay to the Commissioner the *amount required to be withheld.

Note:

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).

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History

S 16-40(2) amended by No 66 of 2003, s 3 and Sch 5 items 11 and 12, by substituting " *exempt Australian government agency " for " entity " and substituting " exempt Australian government agency " for " entity " in the note, applicable to payments made, and non-cash benefits provided, on or after 1 July 2003.