Document ID: chunk:federal_register_of_legislation:C2010C00715:clause:1_4:p7
Version: federal_register_of_legislation:C2010C00715
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 7/21)
Character Range: 75897–78612

a *large withholder or a *small withholder for the current month.

Subdivision 16‑C—To provide information

Table of sections

To the Commissioner

16‑150 Commissioner must be notified of amounts

To recipients of withholding payments

16‑155 Annual payment summary
16‑160 Part‑year payment summary
16‑165 Payment summary for eligible termination payment
16‑170 Form and content of payment summary
16‑175 Penalty for not providing payment summary

To the Commissioner

16‑150  Commissioner must be notified of amounts

 (1) An entity that must pay an amount to the Commissioner under:
 (a) subsection 16‑70(1) (about amounts withheld under Division 12); or
 (b) Division 14 (about payments in respect of non‑cash benefits);
must notify the Commissioner of the amount on or before the day on which the amount is due to be paid (regardless of whether it is paid). The notification must be in the *approved form and lodged with the Commissioner.

 (2) If the entity fails to do so, or notifies the Commissioner of an amount that is less than the correct amount, the entity is liable to pay the *failure to notify penalty on the amount, or on the amount of the shortfall, for each day in the period that:
 (a) started at the beginning of the day by which the amount was due to be paid; and
 (b) finishes at the end of the day before the Commissioner receives notification from the entity, or otherwise becomes aware, of the correct amount.

To recipients of withholding payments

16‑155  Annual payment summary

 (1) Within 14 days after the end of a *financial year, an entity (the payer) must give a *payment summary (and a copy of it) to another entity (the recipient) if:
 (a) during the year the payer made one or more *withholding payments (other than withholding payments covered by section 12‑85, 12‑215, 12‑250 or 12‑285) to the recipient; or
 (b) during the year the payer received one or more withholding payments covered by section 12‑215, 12‑250 or 12‑285 and, in relation to each of them, the recipient is the foreign resident mentioned in the section; or
 (c) the recipient is an individual and has a *reportable fringe benefits amount, for the income year ending at the end of that financial year, in respect of his or her employment (within the meaning of the Fringe Benefits Tax Assessment Act 1986) by the payer.

 (2) The *payment summary must cover:
 (a) if paragraph (1)(a) or (b) applies—each of the *withholding payments mentioned in that paragraph, except one covered by a previous payment summary (and a copy of it) given by the payer to the recipient under section 16‑160; and
 (b) if paragraph (1)(c) applies—the *reportable fringe benefits amount, except so much of it as is covered by