Document ID: chunk:federal_register_of_legislation:C2010C00715:clause:1_4:p11
Version: federal_register_of_legislation:C2010C00715
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 11/21)
Character Range: 85985–88720

royalty
18‑35 Credit: penalty under section 16‑30 or 16‑40 or related general interest charge
18‑40 Credit: liability under section 16‑200

Entitlement to credit: mining payment

18‑45 Credit—mining payment

 [This is the end of the Guide.]

General exception

18‑5  No credit for refunded amount

  A person is not entitled to a credit under this Subdivision for an *amount withheld from a *withholding payment to the extent that the amount must be refunded under Subdivision 18‑B.

Entitlement to credits: income tax liability

18‑10  Application of sections 18‑15, 18‑20 and 18‑25

  The rules set out in sections 18‑15, 18‑20 and 18‑25 do not apply to an *amount withheld from a *withholding payment that is covered by Subdivision 12‑F (about dividend, interest or royalties) or section 12‑320 (about mining payments).

18‑15  Tax credit for recipient of withholding payments

  A person is entitled to a credit equal to the total of the *amounts withheld from *withholding payments made to the person during an income year if:
 (a) an assessment has been made of the income tax payable by the person for the income year; or
 (b) the Commissioner is satisfied that no income tax is payable by the person for the income year.

18‑20  Tax credit where recipient is a partnership

 (1) A person is entitled to a credit in respect of *amounts withheld from *withholding payments made to a partnership during an income year if:
 (a) the person 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) either an assessment has been made of the tax payable by the person for the income year, or the Commissioner is satisfied that no tax is payable.

 (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) A person 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