Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:3_11:p1
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 3 cl 11 (pt 1/13)
Character Range: 91040–94090

11  After Division 12 in Schedule 1
Insert:

Division 12A—Distributions by AMITs (including deemed payments)

Table of Subdivisions
 Guide to Division 12A
12A‑A Distributions by AMITs relating to dividend, interest and royalties
12A‑B Distributions by AMITs relating to Subdivision 12‑H fund payments
12A‑C Deemed payments by AMITs etc.

Guide to Division 12A

12A‑1  What this Division is about

      When a withholding MIT that is an AMIT gives a member an AMMA statement, the trustee is deemed to have made a payment to the member.
      The deemed payment can flow through one or more custodians, giving rise to subsequent deemed payments.
      Withholding liabilities under Subdivisions 12‑F and 12‑H do not apply in relation to deemed payments (although analogous liabilities may arise under Subdivision 12A‑C).
      AMIT trustees, custodians and other entities may be required to give notices etc. to recipients of such deemed payments.

Subdivision 12A‑A—Distributions by AMITs relating to dividend, interest and royalties

Guide to Subdivision 12A‑A

12A‑5  What this Subdivision is about

      Withholding liabilities under Subdivision 12‑F do not apply in relation to deemed payments arising under Subdivision 12A‑C relating to dividends, interest or royalties (although analogous liabilities may arise under Subdivision 12A‑C).
      AMIT trustees, custodians and other entities may be required to give notices etc. to recipients of such deemed payments.

Table of sections

Operative provisions
12A‑10 Deemed payments—no obligation to withhold under Subdivision 12‑F (dividend, interest and royalty payments)
12A‑15 Dividend, interest or royalty payments relating to AMIT—requirement to give notice or make information available
12A‑20 Failure to give notice or make information available under section 12A‑15: administrative penalty
12A‑25 Meaning of AMIT DIR payment
12A‑30 Meaning of AMIT dividend payment
12A‑35 Meaning of AMIT interest payment
12A‑40 Meaning of AMIT royalty payment

Operative provisions

12A‑10  Deemed payments—no obligation to withhold under Subdivision 12‑F (dividend, interest and royalty payments)
 (1) If the entity that receives a payment as mentioned in subsection 12‑215(1), 12‑250(1) or 12‑285(1) is the trustee of an *AMIT, the entity need not withhold an amount under that subsection from the payment if the payment arises because of the operation of section 12A‑205 (deemed payments).
Note: The trustee may have to pay the Commissioner an amount in respect of the deemed payment (see Subdivision 12A‑C).
 (2) Subsection (3) applies if:
 (a) the entity that receives a payment as mentioned in subsection 12‑215(1), 12‑250(1) or 12‑285(1) is a *custodian; and
 (b) it received the payment from an *AMIT.
 (3) The entity need not withhold an amount under that subsection from the payment mentioned in that subsection if:
 (a) the payment arises because of the operation of section 12A‑205 (deemed payments); or
 (b) the payment is a *post‑AMMA actual payment in respect of a payment that so arises.