Income Tax Assessment Regulations 1997 (Repealed)
Schedule 1C
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.
(regulation 393-10 )
FARM MANAGEMENT DEPOSITS: STATEMENTS TO BE READ BY DEPOSITORS
Part 3 - Additional informationNote:
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 6If 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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