INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
A person who deducts, or purports to deduct, under subsection 221YHZC(1) , an amount from a payment to a non-resident must pay the amount to the Commissioner within 14 days after the end of the month in which the person makes the payment to the non-resident.
A person who deducts, or purports to deduct, under subsection 221YHZC(1) , an amount from a payment to a non-resident, must notify the Commissioner in writing of the date on which the amount was deducted within 14 days after the end of the month in which the person makes the payment to the non-resident.
Penalty for a contravention of this subsection: $5,000 or imprisonment for 12 months, or both.
The person must also notify the Commissioner of the amount on or before the day on which the person must pay it: see section 221YHZCA .
Subject to subsection (1AB), an investment body in relation to a Part VA investment who deducts, or purports to deduct, under subsection 221YHZC(1A) , an amount from a payment to a person of income in respect of the investment shall pay the amount to the Commissioner within 21 days after the end of the month during which the income is so paid.
The Commissioner may, by notice in writing served on an investment body, vary, in relation to the investment body, in such instances and to such extent as the Commissioner thinks fit, any of the requirements of subsection (1A).
The Commissioner must not exercise his or her power under subsection (1AA) on or after 1 July 2000.
For provisions about collection and recovery of amounts on or after 1 July 2000 (including provisions about the variation of the time for paying an amount), see Part 4-15 in Schedule 1 to the Taxation Administration Act 1953 .
(a) in discharging a liability under subsection 221YHZDA(1) or paragraph 221YHZDAC(1)(d) , an investment body refunds to a person the whole or part of the amount of a deduction made in error during a financial year; and
(b) the investment body is, apart from this subsection, required under subsection (1A) of this section to pay to the Commissioner an amount (the amount to be remitted ) deducted, or purportedly deducted, during the same financial year from a payment of income to that person or to any other person; and
(c) the investment body makes a record to the effect that it offsets the whole or part of the refund against the amount to be remitted;
the amount to be remitted is reduced by the whole or the part of the refund.
(a) it has previously recorded under that paragraph; or
(b) it has applied to recover from the Commissioner under subsection 221YHZDA(1) or paragraph 221YHZDAC(1)(d) .
An investment body in relation to a Part VA investment shall not, after the end of the phasing-in period mentioned in section 202DA and before 1 July 2000, pay to a person unattributed income in respect of the investment that is not paid in money unless an amount equal to the amount that would, if the income had been paid in the form of an amount of money equal to the value of the income, have been required to be deducted under subsection 221YHZC(1A) has been paid to the Commissioner in respect of the income.
An amount paid by an investment body under subsection (1B) is recoverable by the investment body as a debt payable by the investor in relation to the investment concerned.
If any of the amount which a person is liable to pay under subsection (1AAA), (1A) or (1B) remains unpaid after the time by which it is due to be paid, the person is liable to pay the general interest charge on the unpaid amount for each day in the period that:
(a) started at the beginning of the day by which the amount was due to be paid; and
(b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:
(i) the amount;
(ii) general interest charge on any of the amount.
(a) a person is liable:
(i) to pay to the Commissioner under subsection (1) or (1A) an amount deducted before 1 June 1993; or
(ii) to pay to the Commissioner under subsection (1B) an amount that became payable before 1 July 1993; and
(b) the property of that person has become vested in, or the control of the property of that person has passed to, a trustee;
the trustee is liable to pay the amount to the Commissioner.
Notwithstanding anything contained in any other law of the Commonwealth, or in any law of a State or Territory, an amount payable to the Commissioner by a trustee under subsection (3) has priority over all other debts, whether preferential, secured or unsecured.
Where a trustee, being a trustee of an estate of a bankrupt or the liquidator of a company that is being wound up, is liable to pay an amount to the Commissioner under this section, subsection (4) does not have the effect that the amount is payable in priority to any costs, charges or expenses of the administration of the estate or of the winding up of the company (including costs of a creditor or other person upon whose petition the sequestration order or the winding up order (if any) was made and remuneration of the trustee) that are lawfully payable out of the assets of the estate or of the company except where, in the case of the winding up of a company, the Crown in right of a State or of the Northern Territory or any other creditor is entitled to the payment of a debt by the liquidator, in priority to all or any of those costs, charges and expenses and has not waived that priority.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.