INCOME TAX ASSESSMENT REGULATIONS 1997

Schedule 1C  

(regulation 393-10 )

FARM MANAGEMENT DEPOSITS: STATEMENTS TO BE READ BY DEPOSITORS

Part 3 - Additional information  

Note:

Under paragraph 393-10(1)(c) of the Act, an FMD provider is required to insert the figures that are stated in the provisions mentioned in this Part.

SECTION 6   6  
If neither the owner ' s tax file number nor Australian Business Number has been quoted to the FMD provider, any repayment will be subject to the withholding rate, which is the sum of:


(a) the top marginal tax rate for the income year in the year of deposit; and


(b) the Medicare levy.

Note 1:

The top marginal tax rate is the maximum rate specified in column 3 of the table in Part 1 of Schedule 7 to the Income Tax Rates Act 1986 .

Note 2:

The Medicare levy is specified in subsection 6(1) of the Medicare Levy Act 1986 .




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