PAYG Withholding variation for foreign resident capital gains withholding payments - acquisitions from multiple entities
Reference: Variation 47
Document type: PAYG Withholding Variation
Enabling act: Taxation Administration Act 1953
Date of issue: 29 June 2016
Signatory: Steve Vesperman Deputy Commissioner of Taxation
Registration number: F2016L01123
Registration date: 30 June 2016

I, Steve Vesperman, Deputy Commissioner of Taxation, make this variation under subsection 14-235(5) of Schedule 1 to the Taxation Administration Act 1953.

1. Name of instrument: This determination is the PAYG Withholding variation for foreign resident capital gains withholding payments - acquisitions from multiple entities. | 2. Commencement: This instrument commences 1 July 2016. | 3. Application: This instrument applies to payments covered by sections 14-200 and 14-205 of Schedule 1 to the Taxation Administration Act 1953, where the relevant CGT asset is acquired from more than one entity and at least one, but not all, of those entities have provided: (i) a clearance certificate issued by the Commissioner of Taxation under section 14-220 of Schedule 1 to the Taxation Administration Act 1953, (ii) a declaration under section 14-225 of Schedule 1 to the Taxation Administration Act 1953, or (iii) a notice of variation granted by the Commissioner under subsection 14-235(2) of Schedule 1 to the Taxation Administration Act 1953. (i) a clearance certificate issued by the Commissioner of Taxation under section 14-220 of Schedule 1 to the Taxation Administration Act 1953, (ii) a declaration under section 14-225 of Schedule 1 to the Taxation Administration Act 1953, or (iii) a notice of variation granted by the Commissioner under subsection 14-235(2) of Schedule 1 to the Taxation Administration Act 1953. | 4. Determination: The amount to be paid to the Commissioner in relation to transactions covered by this instrument is varied as follows: For each entity that has not provided a clearance certificate, declaration or notice of variation, withhold an amount equal to the amount which would be required to be paid to the Commissioner under subsection 14-200(3) or subsection 14-205(4) of Schedule 1 to the Taxation Administration Act 1953, multiplied by the entity's percentage interest in the relevant CGT asset. For each entity that has provided a notice of variation, the varied amount stated on the notice of variation. For each entity that has provided a valid clearance certificate or declaration, no withholding is required. | 5. Definitions: Where individuals own the relevant asset as joint tenants, their percentage interests are as defined in section 108-7 of the Income Tax Assessment Act 1997. Other terms used in this legislative instrument have the same meaning as defined in the: • Income Tax Assessment Act 1997, or • Taxation Administration Act 1953 • Income Tax Assessment Act 1997, or • Taxation Administration Act 1953