Document ID: chunk:federal_register_of_legislation:C2008A00032:clause:1_1:p2
Version: federal_register_of_legislation:C2008A00032
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 2/5)
Character Range: 4066–6677

the recipient or publish information on a website setting out certain details about the payment: see section 12‑395.

 (2) The amount the trustee must withhold is:

 (3) The rate is:
 (a) if the address or place for payment of the recipient is in an *information exchange country:
 (i) 22.5% for *fund payments in relation to the first income year starting on or after the first 1 July after the day on which the Tax Laws Amendment (Election Commitments No. 1) Act 2008 receives the Royal Assent; or
 (ii) 15% for fund payments in relation to the following income year; or
 (iii) 7.5% for fund payments in relation to later income years; or
 (b) otherwise—30%.

 (4) An information exchange country is a foreign country or foreign territory specified in the regulations for the purposes of this section.

 (5) This section does not apply to an amount paid by a *managed investment trust to the extent that no *managed investment trust withholding tax is payable in respect of the payment or an amount reasonably attributable to the payment.

12‑390  Withholding by custodians and other entities

Withholding by custodians

 (1) A *custodian must withhold an amount from a payment (the later payment) it makes if:
 (a) all or some of the later payment (the covered part) is reasonably attributable to the part of an earlier payment received by the custodian that was covered by a notice or information under section 12‑395; and
 (b) the later payment is made to an entity covered by section 12‑410.

Note 1: The covered part referred to in paragraph (1)(a) is attributable to a fund payment made by a managed investment trust, or 2 or more fund payments made by one or more managed investment trusts.

Note 2: An entity may be covered by section 12‑410 if the entity has an address outside Australia or payment is authorised to be made to a place outside Australia.

Note 3: If the payment is made to a recipient not covered by section 12‑410, the custodian is required to give a notice to the recipient or publish information on a website setting out certain details about the payment: see section 12‑395.

 (2) The amount the *custodian must withhold is:

 (3) The rate is:
 (a) if the address or place for payment of the recipient is in an *information exchange country:
 (i) 22.5% for *fund payments in relation to the first income year starting on or after the first 1 July after the day on which the Tax Laws Amendment (Election Commitments No. 1) Act 2008 receives the Royal Assent; or
 (ii) 15% for fund payments in relation to the following income year; or
 (iii) 7.5% for fund payments in relation to