Taxation Administration Act 1953
Sch 1 inserted by No 178 of 1999 (as amended by No 179 of 1999 and No 44 of 2000).
Note: See section 3AA .Chapter 2 - Collection, recovery and administration of income tax
Ch 2 title inserted by No 73 of 2006 , s 3 and Sch 5 item 40, effective 1 July 2006.
Div 12 (except s 12-190 ) applies to a payment made on or after 1 July 2000.
An entity that receives a payment of interest (within the meaning of Division 11A of Part III of the Income Tax Assessment Act 1936 ) must withhold an amount from the payment if:
(a) the entity is a person in Australia or an *Australian government agency; and
(b) a foreign resident is or becomes entitled:
(i) to receive the interest or part of it from the entity, or to receive the amount of the interest or of part of it from the entity; or
(ii) to have the entity credit to the foreign resident, or otherwise deal with on the foreign resident ' s behalf or as the foreign resident directs, the interest or part of it, or the amount of the interest or of part of it.
For limits on the amount to be withheld, see section 12-300 .
S 12-250(1) amended by No 44 of 2000.
The entity must withhold the amount:
(a) if the foreign resident is so entitled when the entity receives the payment - immediately after the entity receives the payment; or
(b) if the foreign resident becomes so entitled after the entity receives the payment - immediately after the foreign resident becomes so entitled.
S 12-250(2) inserted by No 44 of 2000.
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