Taxation Administration Act 1953
Note: See section 3AA .Chapter 2 - Collection, recovery and administration of income tax
Note: 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.
The Commissioner may give a written notice to the individual on a particular day (the credit notice day ).
Subsection 18-180(2) provides that the Commissioner must not give a notice to the individual in certain circumstances.Director or associate entitled to credit if Commissioner gives notice 18-175(2)
The individual is entitled to a credit if the Commissioner gives a written notice to the individual under subsection (1). 18-175(3)
The individual becomes entitled to the credit on the day the Commissioner gives the notice to the individual. Amount of credit 18-175(4)
The amount of the credit is the amount stated in the notice. 18-175(5)
The amount stated:
(a) must not exceed the amount of the * PAYG withholding non-compliance tax; and
In working out the amount of the tax for the purposes of paragraph (5)(a), have regard to other credits to which the individual is entitled under section 18-170 or this section. See subsection 18-180(1) .
(b) must not exceed the amount of the discharge mentioned in paragraph 18-165(c) . Commissioner ' s discretion 18-175(6)
(a) whether to give a notice under this section; or
(b) the amount to state in the notice;
the Commissioner must have regard to what is fair and reasonable in the circumstances.