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 14 heading substituted by No 23 of 2018, s 3 and Sch 5 item 12, effective 1 April 2018. For application provisions, see note under Subdiv 14-E heading. The heading formerly read:
Division 14 - Non-cash benefits, and accruing gains, for which amounts must be paid to the Commissioner
Div 14 heading substituted by No 101 of 2006 , s 3 and Sch 2 item 951, effective 14 September 2006. The heading formerly read: " Non-cash benefits for which amounts must be paid to the Commissioner " .
Div 14 applies to a non-cash benefit provided on or after 1 July 2000.
Subdiv 14-D inserted by No 10 of 2016, s 3 and Sch 2 item 1, effective 26 February 2016. No 10 of 2016, s 3 and Sch 2 item 30 contains the following application provision:
For working out when a CGT asset is acquired, see Division
Income Tax Assessment Act 1997
30 Application of amendments
The amendments made to the extent that they relate to acquisitions of a kind described in section 14-200 in Schedule 1 to the Taxation Administration Act 1953 , apply in relation to acquisitions on or after 1 July 2016.
For working out when a CGT asset is acquired, see Division 109 of the Income Tax Assessment Act 1997 .
Note: A Commissioner ' s Remedial Power (CRP 2017/1) is relevant to this part of the tax law. Taxation Administration (Remedial Power - Foreign Resident Capital Gains Withholding) Determination 2017 (F2017L00992) modifies the operation of s 18-15 , 18-20 and 18-25 in Sch 1 to the Taxation Administration Act 1953 as follows:
To the extent that an entity ' s entitlement to a credit referred to in s 18-15 , 18-20 or 18-25 in Sch 1 to TAA is in respect of an amount paid to the Commissioner under Subdiv 14-D of Sch 1 to TAA, treat the entitlement as arising in the income year in which the transaction causing that application of Subdiv 14-D is recognised for income tax purposes for the entity. The modification applies in respect of transactions entered into on or after 1 July 2016.
An entity must treat a modification as not applying to it or any other entity if the modification would produce a less favourable result for it. The Commissioner is empowered by s 370-5 of Sch 1 to TAA to make modifications, by legislative instrument, to ensure the law is administered to achieve its intended purpose or object.
An entity may, in writing, declare that, for a specified period, the entity is and will be an Australian resident.
Such a declaration could result in you not being required to pay an amount under this Subdivision (see subsection 14-210(3) ).Declaration that asset not an indirect Australian real property interest 14-225(2)
An entity may, in writing, declare that, for a specified period, specified *CGT assets are *membership interests but not *indirect Australian real property interests.
Such a declaration could result in you not being required to pay an amount under this Subdivision (see subsection 14-210(3) ).Limit on the periods for which declarations have effect 14-225(3)
A period specified in a declaration under this section is of no effect to the extent that it includes days later than 6 months after the day the declaration is made. Declarations are not legislative instruments 14-225(4)
A declaration under this section is not a legislative instrument.
S 14-225 inserted by No 10 of 2016, s 3 and Sch 2 item 1, effective 26 February 2016. For application provision, see note under Subdiv 14-D heading.
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