TAXATION ADMINISTRATION REGULATIONS 1976 [REPEALED]

PART 5 - PAY AS YOU GO WITHHOLDING  

Division 3 - Payments in respect of which ABNs or TFNs not quoted and Part VA investment payments  

REGULATION 34   PART VA INVESTMENT PAYMENTS  

34(1)  
The amount to be withheld under section 12-140 or 12-145 of Schedule 1 to the Act from a payment of income in respect of a Part VA investment is an amount equal to the product of the top rate and the amount of the payment.

34(2)  
Subregulation (3) applies if


(a) the payment from which that amount is to be withheld is a franked distribution; and


(b) the franking percentage is less than 100%.

34(3)  
The amount to be withheld from the payment is the amount worked out using the formula:

Unfranked part of the distribution × top rate.

34(4)  
In this regulation:

franked distribution
has the meaning given in subsection 995-1(1) of the Income Tax Assessment Act 1997 .

franking percentage
has the meaning given in subsection 995-1(1) of the Income Tax Assessment Act 1997 .

Part VA investment
has the meaning given in subsection 995-1(1) of the Income Tax Assessment Act 1997 .

top rate
(Repealed by SLI No 189 of 2010)

unfranked part of the distribution
has the meaning given by subsection 995-1(1) of the Income Tax Assessment Act 1997 .

Note:

For top rate , see regulation 2 .




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