Document ID: chunk:federal_register_of_legislation:C2010C00715:clause:3_60
Version: federal_register_of_legislation:C2010C00715
Segment Type: clause
Provision Reference: sch 3 cl 60
Character Range: 251598–252344

60  Subsection 995‑1(1)
Insert:

withholding payment means:
 (a) a payment from which an amount must be withheld under Division 12 in Schedule 1 to the Taxation Administration Act 1953 (even if the amount is not withheld); or
 (b) a *non‑cash benefit in respect of which Division 14 in that Schedule requires an amount to be paid to the Commissioner.
(A withholding payment that consists of a non‑cash benefit is made when the benefit is provided. The amount of the withholding payment is taken to be the *market value of the benefit at that time.)

Note: Divisions 12 and 14 in Schedule 1 to the Taxation Administration Act 1953 deal with collecting amounts on account of income tax payable by the recipient of the payment or non‑cash benefit.