Document ID: chunk:federal_register_of_legislation:F2017L00992:schedule:1
Version: federal_register_of_legislation:F2017L00992
Segment Type: schedule
Provision Reference: sch 1
Character Range: 2279–3260

Schedule 1—Modifications

    1.                  Tax credit for recipient of withholding payments involving foreign residents and taxable Australian property

    (1) The operation of:

             (a) sections 18-15, 18-20 and 18-25 of Schedule 1 to the Taxation Administration Act 1953; and

             (b) any other provision of a taxation law the operation of which is affected by the operation of any of those sections;

    is modified in the way set out below.

Modification

    (2) To the extent that an entity's entitlement to a credit referred to in section 18-15, 18-20 or 18-25 in that Schedule is in respect of an amount paid to the Commissioner under Subdivision 14-D in that Schedule, treat the entitlement as arising in the income year in which the transaction causing that application of Subdivision 14-D is recognised for income tax purposes for the entity.

    (3) The modification applies in respect of transactions entered into on or after 1 July 2016.