Document ID: chunk:federal_register_of_legislation:C2010C00679:section:1987:p48
Version: federal_register_of_legislation:C2010C00679
Segment Type: section
Provision Reference: s 1987 (pt 48/51)
Character Range: 130749–133471

of person who fails to make deductions etc.

  73. Section 221YQ of the Principal Act is amended:
  (a) by omitting from subsection (1) "or from interest" and substituting ",
from interest or from a royalty";
  (b) by omitting from paragraph (1)(a) "or interest" and substituting ",
interest or royalty".

TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 74
Interest or royalty not allowable deduction until payment made to
Commissioner on account of tax

  74. Section 221YRA of the Principal Act is amended:
  (a) by inserting after subsection (1) the following subsection:
  "(1A) If:
  (a) a person:
    (i) has not made a deduction from a royalty as required by
subsection 221YL(2G); or
    (ii) having made a deduction under that subsection from a royalty,
has not complied with paragraph 221YN(1)(a) in relation to the deduction; and
  (b) any withholding tax payable in respect of the royalty has not been
paid;
then, subject to subsection (2), the royalty is not an allowable deduction.";
  (b) by inserting in subsection (2) "or royalty" after "interest" (wherever
occurring);
  (c) by inserting in subsection (2) "or (1A)" after "(1)";
  (d) by omitting from subsection (3) "subsection (1) applies" and
substituting "subsections (1) and (1A) apply".

TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 75
Credits in respect of deductions made from dividends, interest or
royalties

  75. Section 221YS of the Principal Act is amended by omitting from
subsection (1) "or interest" and substituting ", interest or a royalty".

TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 76
Liability of trustee to pay deductions to Commissioner

  76. Section 221YU of the Principal Act is amended by omitting from paragraph
(1)(a) "or from interest" and substituting ", from interest or from a
royalty".

TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 77
Persons discharged from liability in respect of deductions

  77. Section 221YV of the Principal Act is amended by omitting "or from
interest" and substituting", from interest or from a royalty".

TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 78
Person in receipt or control of money from non-resident

  78. Section 255 of the Principal Act is amended by omitting from subsection
(2A) ", or a royalty payment,".

TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 79
Certain provisions to be disregarded in calculating attributable
income

  79. Section 389 of the Principal Act is amended by omitting from paragraph
        (a) ", section 136A".

TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 80
Repeal of the Income Tax (Film Royalties) Act 1977

  80. The