Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_4:p23
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 23/43)
Character Range: 614431–617145

is represented by a payment that is a *fund payment; and
 (b) under subsection 840‑805(4A) of the Income Tax Assessment Act 1997, a *foreign pension fund is taken, in respect of the fund payment part, to be a beneficiary in its own right, and not a beneficiary in the capacity of the trustee of another trust; and
 (c) there is an *amount withheld from the fund payment under Subdivision 12‑H.
 (4) For the purposes of paragraph (1)(b):
 (a) treat the *foreign pension fund as having borne all or part of the amount withheld; and
 (b) treat a beneficiary of the foreign pension fund as not having borne all or part of the amount withheld.

18‑33  Credit: labour mobility programs
 (1) An individual is entitled to a credit if:
 (a) the individual's *ordinary income or *statutory income includes salary, wages, commission, bonuses or allowances; and
 (b) an amount is withheld from the salary, wages, commission, bonuses or allowances under Subdivision 12‑FC (about labour mobility programs).
 (2) The amount of the credit is the *amount withheld.

18‑35  Credit: penalty under section 12‑415, 16‑30, 16‑35 or 16‑40 or related general interest charge
 (1) If an entity has paid:
 (a) an amount of penalty under section 16‑30 or 16‑40 to the Commissioner for a *withholding payment covered by Subdivision 12‑F or 12‑H; or
 (b) an amount of *general interest charge under section 298‑25 for the penalty;
the entity liable to pay the *withholding tax for the withholding payment is entitled to a credit equal to the amount of penalty, or general interest charge, as appropriate.
 (1AA) If an entity has paid:
 (a) an amount of penalty under section 16‑30 or 16‑35 to the Commissioner for a *withholding payment covered by Subdivision 12‑FC (labour mobility programs); or
 (b) an amount of *general interest charge under section 298‑25 for the penalty;
the entity liable to pay the *labour mobility program withholding tax for the withholding payment is entitled to a credit equal to the lesser of:
 (c) the amount of the penalty, or general interest charge, as appropriate; and
 (d) the amount of labour mobility program withholding tax (and any general interest charge under section 840‑910 of the Income Tax Assessment Act 1997) in relation to the withholding payment, reduced by:
 (i) any credits from an application of section 18‑33 in relation to the withholding payment; and
 (ii) any credits from a previous application of this subsection in relation to the withholding payment.
 (1A) If an entity has paid:
 (a) an amount of penalty under section 12‑415 to the Commissioner for a failure to give a notice, or to make details available on a website, as required by section 12‑395; or
 (b) an amount of *general