Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_4:p4
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 4/9)
Character Range: 505416–507965

all of the benefit to another entity—recover the amount from that other entity as a debt; or
 (b) if the payer has provided a part of the benefit to another entity—recover from that other entity as a debt the corresponding proportion of the amount paid to the Commissioner.
 (3) If the payer can recover an amount from another entity under this section, the payer is entitled to set the amount off against debts due by the payer to the other entity.

Subdivision 14‑B—Accruing gains

14‑50  Object of this Subdivision
  The object of this Subdivision is to put the parties to a *Part VA investment with an accruing gain in a position similar to what would have been their position under Subdivision 12‑E (Payments where TFN or ABN not quoted) if the *investment body had paid the gain in money to the *investor at the end of the income year.

14‑55  Liability for TFN withholding tax
 (1) *TFN withholding tax is payable if:
 (a) in relation to a *Part VA investment, an amount (the accrued gain) is included in the *investor's assessable income for an income year under section 159GQ of the Income Tax Assessment Act 1936 (about gains accruing on securities); and
 (b) the investment:
 (i) is of a kind mentioned in item 1 or 2 of the table in subsection 202D(1) of that Act; or
 (ii) is of a kind mentioned in item 3 of that table and is non‑transferable; and
 (c) the term of the investment does not end during the income year; and
 (d) section 12‑140 would have required the *investment body to withhold an amount (the TFN withholding amount) from a payment of the accrued gain to the investor, if the investment body had made the payment at the end of the income year and section 12‑150 had not been enacted.
Note: Section 202D of the Income Tax Assessment Act 1936 lists the investments in connection with which tax file numbers are to be quoted.
 (2) The amount of *TFN withholding tax is equal to the TFN withholding amount.
 (3) The *TFN withholding tax is payable jointly and severally by the *investor and the *investment body.
 (4) However, if the *investment body is the Commonwealth or an *untaxable Commonwealth entity:
 (a) the *TFN withholding tax is payable by the *investor; and
 (b) the investor is taken to have authorised the investment body to pay the TFN withholding tax on the investor's behalf.
 (5) The *TFN withholding 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: