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 12A - Distributions by AMITs (including deemed payments)  

Subdivision 12A-A - Distributions by AMITs relating to dividend, interest and royalties  

Operative provisions

SECTION 12A-40   MEANING OF AMIT ROYALTY PAYMENT  

12A-40(1)  
This section applies to a trust that is an *AMIT for an income year.

12A-40(2)  
The object of this section is to ensure that the total of the *AMIT royalty payments that the trustee of the *AMIT makes in relation to the income year equals, as nearly as practicable, the amount mentioned in subsection (3).

12A-40(3)  
The amount is the total of the *determined member components for the *AMIT for the income year of the character of a *royalty that is subject to a requirement to withhold under Subdivision 12-F .

12A-40(4)  
To work out the amount of an AMIT royalty payment , apply subsections 12A-30(4) , (5) , (6) and (7) . For this purpose:


(a) treat references in those subsections to AMIT dividend payments as instead being references to AMIT royalty payments; and


(b) treat the reference in subsection 12A-30(4) to " the amount mentioned in subsection (3) " as instead being a reference to " the amount mentioned in subsection 12A-40(3) " .




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