Document ID: chunk:federal_register_of_legislation:C2011C00702:clause:6_3
Version: federal_register_of_legislation:C2011C00702
Segment Type: clause
Provision Reference: sch 6 cl 3
Character Range: 235284–236258

3  Application of TFN withholding tax amendments

(1) The amendment made by item 949 of Schedule 2 applies to payments made on or after the day on which this Act receives the Royal Assent.

(2) The repeal of Subdivision C of Division 3B of Part VI of the Income Tax Assessment Act 1936 by item 163 of Schedule 1 to this Act, and the insertion of section 14‑55 in Schedule 1 to the Taxation Administration Act 1953 by item 955 of Schedule 2 to this Act, apply to the 2006‑07 income year and later income years.

(3) The insertion of sections 14‑50, 14‑60, 14‑65, 14‑75 and 14‑85 in Schedule 1 to the Taxation Administration Act 1953 by item 955 of Schedule 2 to this Act applies to tax payable in accordance with former section 221YHZR of the Income Tax Assessment Act 1936 as if:
 (a) the tax were TFN withholding tax (payable under section 14‑55 in that Schedule); and
 (b) section 14‑55 in that Schedule applied to the income year in respect of which the tax is payable.