Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_4:p5
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 5/9)
Character Range: 507763–510370

tax is due and payable at the end of 21 days after the end of the income year referred to in paragraph (1)(a).
Note 1: When it is due and payable, the TFN withholding tax is payable to the Commissioner: see paragraph 255‑5(1)(b).
Note 2: An entity by whom it is payable must pay it to the Commissioner in accordance with Subdivision 16‑B: see subsection 16‑70(3). If any of it remains unpaid, the entity is liable to pay general interest charge: see section 16‑80.
Note 3: The Commissioner may defer the time at which TFN withholding tax becomes due and payable: see section 255‑10.
 (6) The adoption (under section 18 of the Income Tax Assessment Act 1936) of an accounting period ending on a day other than 30 June is disregarded for the purposes of:
 (a) this section; and
 (b) the application of Division 16E of Part III of that Act for the purposes of this section.

14‑60  Investment body may recover TFN withholding tax from investor
 (1) The *investment body may recover from the *investor as a debt any of the *TFN withholding tax that it pays.
 (2) The *investment body is entitled to set off an amount that it can recover from the *investor under this section against:
 (a) a debt due by it to the investor; or
 (b) an amount that is accruing to the investor, or stands to the investor's credit, in respect of the *Part VA investment, even if the amount is not yet due.

14‑65  Application of rules in Division 18
  These provisions:
 (a) subsection 18‑15(1) and sections 18‑20 and 18‑25 (about credits for amounts withheld from withholding payments); and
 (b) section 18‑80 (about refunds when exemption declaration not given);
apply as if any of the *TFN withholding tax that has been paid were an amount withheld under subsection 12‑140(1) from a *withholding payment covered by that subsection and made to the *investor during:
 (c) unless the *investor has adopted (under section 18 of the Income Tax Assessment Act 1936) an accounting period ending on a day other than 30 June—the income year referred to in paragraph 14‑55(1)(a); or
 (d) if the investor has adopted such an accounting period—the income year in which the TFN withholding tax is paid.
Note: Unless the investor has adopted such an accounting period, the credit under section 18‑15, 18‑20 or 18‑25 will be in respect of the income year before the one in which the TFN withholding tax is paid.

14‑75  Overpayment of TFN withholding tax
  If *TFN withholding tax has been overpaid:
 (a) the Commissioner must refund the amount overpaid; and
 (b) the *investor is not entitled to a credit under section 18‑15, 18‑20 or 18‑25 in