Document ID: chunk:federal_register_of_legislation:C2025C00014:section:148:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 148 (pt 2/3)
Character Range: 1318873–1321375

gross amounts of such premiums paid or credited by that person to non‑residents which are companies; and
 (ii) the other shall show the gross amounts of such premiums paid or credited by that person to non‑residents who are not companies.
 (5) Where returns are furnished by a person in accordance with paragraph (4)(b), there shall be excluded from the amount on which that person shall be assessed and liable to pay tax as agent in pursuance of subsection (3) an amount equal to 10% of the sum of the gross premiums properly shown in the return specified in subparagraph (4)(b)(ii), and that person shall, in addition to any other tax which that person is liable under this section to pay as agent, be assessed and liable to pay tax as agent on the amount so excluded as if it were the taxable income of a non‑resident company (being a private company) not carrying on business in Australia by means either of a principal office or a branch.
 (6) An election for the purposes of this section shall:
 (c) be made on or before the last day for the furnishing of the taxpayer's return of income of the year of income in respect of which the election is first to apply, or within such further time as the Commissioner allows;
 (d) first apply in respect of a year of income which shall be specified in the election; and
 (e) apply in respect of all subsequent years of income.
 (7) An assessment for the purposes of subsection (3) or (5) shall be made and notified separately from any other assessment.
 (8) Where a person is liable, in pursuance of an assessment for the purposes of this section, to pay tax, in respect of any premiums, as agent for more than one non‑resident, the amount which that person shall be liable to pay as agent for any one of those non‑residents shall be so much of the tax so payable as bears to the whole of that tax the same proportion as the total amount of such of those premiums as were paid to that non‑resident bears to the total amount of those premiums.
 (9) Where a person is or may become liable under this section to pay tax as agent for a non‑resident in respect of any premium paid or credited by that person to that non‑resident:
 (a) that person shall, for the purposes of section 254, be deemed to have received the premium in that person's representative capacity immediately before it was so paid or credited; and
 (b) if that person pays or credits the premium before arrangements have been made to the satisfaction of the Commissioner for the payment of