PAYG Withholding variation for foreign resident capital gains withholding payments - no residue after a mortgagee exercises a power of sale 2020 
Reference: Variation 62
Document type: Legislative Instrument
Enabling act: Taxation Administration Act 1953
Date of issue: 2 September 2020
Signatory: Louise Clarke Policy, Analysis and Legislation Law Design and Practice
Registration number: F2020L01291
Registration date: 9 October 2020


1. Name of instrument: This determination is the PAYG Withholding variation for foreign resident capital gains withholding payments - no residue after a mortgagee exercises a power of sale 2020 . | 2. Commencement: This instrument commences on the day after its registration on the Federal Register of Legislation. | 3. Application: This instrument applies to payments covered by section 14-200 of Schedule 1 to the Taxation Administration Act 1953 , where, in a transaction involving the acquisition of land: (i) a mortgagee exercises a power of sale; (ii) the residue is zero or less than zero; and (iii) the mortgagee provides a written declaration to the transferee that the amount to withhold is varied to nil under this instrument. (i) a mortgagee exercises a power of sale; (ii) the residue is zero or less than zero; and (iii) the mortgagee provides a written declaration to the transferee that the amount to withhold is varied to nil under this instrument. | 4. Determination: The amount to be paid by the transferee to the Commissioner in relation to the transactions covered by this instrument is varied to nil. | 5. Definitions: Mortgagee - a mortgagee in relation to the land that is also an 'authorised deposit-taking institution' as defined in section 5 of the Banking Act 1959 . Residue - an amount worked out as the sale proceeds less expenses incidental to the sale and amounts payable to registered mortgagees over the asset. Transferee - the person acquiring the land as a result of the transaction. Other terms used in this legislative instrument have the same meaning as defined in the Taxation Administration Act 1953 . | 6. Repeals: None.