Document ID: chunk:federal_register_of_legislation:C2010C00715:clause:1_1:p6
Version: federal_register_of_legislation:C2010C00715
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 6/21)
Character Range: 22996–25816

12‑1.

Subdivision 12‑D—Benefit and compensation payments

Table of sections

12‑110 Social Security or other benefit payment
12‑115 Commonwealth education or training payment
12‑120 Compensation, sickness or accident payment

12‑110  Social Security or other benefit payment

 (1) An entity must withhold an amount from a payment it makes to an individual if the payment is specified in:
 (a) an item of the table in section 52‑10 of the Income Tax Assessment Act 1997 (Social Security payments); or
 (b) an item of the table in section 52‑65 of that Act (Veterans' Affairs payments); or
 (c) section 52‑105, 53‑10, 55‑5 or 55‑10 of that Act.

Note: Payments specified in those provisions of the Income Tax Assessment Act 1997 are made under various Commonwealth laws.

 (2) In working out the amount to be withheld, disregard so much of the payment as is *exempt income of the individual.

12‑115  Commonwealth education or training payment

 (1) An entity must withhold an amount from a *Commonwealth education or training payment it makes to an individual.

For exceptions, see subsection (2) and section 12‑1.

 (2) In working out the amount to be withheld, disregard so much of the payment as is *exempt income of the individual.

12‑120  Compensation, sickness or accident payment

  An entity must withhold an amount from a payment of compensation, or of sickness or accident pay, it makes to an individual if the payment:
 (a) is made because of that or another individual's incapacity for work; and
 (b) is calculated at a periodical rate; and
 (c) is not a payment made under an insurance policy to the policy owner.

For exceptions, see section 12‑1.

Subdivision 12‑E—Payments where TFN or ABN not quoted

Table of sections

Payment in respect of investment

12‑140 Recipient does not quote tax file number
12‑145 Investor becoming presently entitled to income of a unit trust
12‑150 Limited application of section 12‑140 to payment under eligible deferred interest investment
12‑155 When investor may quote ABN as alternative
12‑160 Investment body unaware that exemption from quoting TFN has stopped applying
12‑165 Exception for fully franked dividend
12‑170 Exception for payments below thresholds set by regulations

Payment for a supply

12‑190 Recipient does not quote ABN

Payment in respect of investment

12‑140  Recipient does not quote tax file number

 (1) An *investment body must withhold an amount from a payment it makes to another entity in respect of a *Part VA investment if:
 (a) all or some of the payment is *ordinary income or *statutory income of the other entity; and
 (b) if the investment is non‑transferable—the other entity did not *quote its *tax file number in connection with the investment before the time when the payment became payable; and
 (c) if the investment