Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_4:p20
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 20/43)
Character Range: 607457–610076

as required by section 12‑325 (natural resource payments), apply sections 18‑15, 18‑20 and 18‑25 to the payment as if the entity had withheld only so much of that amount as was withheld in respect of tax.
Note: Section 18‑55 provides a credit for amounts withheld in respect of petroleum resource rent tax.

18‑15  Tax credit for recipient of withholding payments
 (1) An entity is entitled to a credit equal to the total of the *amounts withheld from *withholding payments made to the entity during an income year if an assessment has been made of the income tax payable, or an assessment has been made that no income tax is payable, by the entity for the income year.
 (2) To the extent that the entitlement to a credit is in respect of an *amount withheld from a *withholding payment to which paragraph 16‑155(2)(aa) applies, the entitlement is treated as arising for the income year preceding the income year in which the withholding payment is made.

18‑20  Tax credit where recipient is a partnership
 (1) An entity is entitled to a credit in respect of *amounts withheld from *withholding payments made to a partnership during an income year if:
 (a) the entity has an individual interest in the net income or partnership loss of the partnership for that income year that is wholly or partly attributable to those withholding payments; and
 (b) the *income tax return of the partnership for the income year has been lodged with the Commissioner; and
 (c) an assessment has been made of the income tax payable, or an assessment has been made that no income tax is payable, by the entity for the income year.
 (2) The amount of the credit is worked out using the formula:

where:
amounts withheld means the sum of the *amounts withheld from the *withholding payments.
individual interest means so much of the individual interest of the partner as is attributable to the *withholding payments.
net income/partnership loss means so much of the net income or partnership loss for that income year as is attributable to the *withholding payments.

18‑25  Tax credit where recipient is a trust
 (1) An entity is entitled under subsection (2), (4), (6) or (8) to a credit in respect of *amounts withheld (the amounts withheld) from *withholding payments made to the trustee of a trust during an income year.

Trust—section 97
 (2) A beneficiary of the trust is entitled to a credit if:
 (a) an amount is included in the assessable income of the beneficiary under section 97 of the Income Tax Assessment Act 1936 in respect of a share of the net income of the trust; and
 (b) the share is wholly or partly attributable to