Document ID: chunk:federal_register_of_legislation:C2004A00952:clause:1_7
Version: federal_register_of_legislation:C2004A00952
Segment Type: clause
Provision Reference: sch 1 cl 7
Character Range: 5440–6773

7  After Subdivision 12‑F in Schedule 1
Insert:

Subdivision 12‑FA—Departing Australia superannuation payments

Table of sections

12‑305 Departing Australia superannuation payment
12‑310 Limits on amount withheld under this Subdivision

12‑305  Departing Australia superannuation payment

  An entity must withhold an amount from a departing Australia superannuation payment (within the meaning of Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act 1936) it pays to an entity.

12‑310  Limits on amount withheld under this Subdivision

  This Subdivision does not require an entity:
 (a) to withhold an amount from a departing Australia superannuation payment (within the meaning of Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act 1936) if no *withholding tax is payable in respect of the departing Australia superannuation payment; or
 (b) to withhold from a departing Australia superannuation payment (within the meaning of Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act 1936) more than the withholding tax payable in respect of the departing Australia superannuation payment (reduced by each amount already withheld from it under this Subdivision).

Note: Section 27GA of the Income Tax Assessment Act 1936 deals with the withholding tax liability.