Document ID: chunk:federal_register_of_legislation:C2004A00636:clause:4_33
Version: federal_register_of_legislation:C2004A00636
Segment Type: clause
Provision Reference: sch 4 cl 33
Character Range: 55833–57267

33  Section 16‑165 in Schedule 1
Repeal the section, substitute:

16‑165  Payment summary for retained amount in relation to eligible termination payment

 (1) Within 14 days after an entity (the payer) makes an *eligible termination payment that includes one or more retained amounts mentioned in subsection 27AC(2) of the Income Tax Assessment Act 1936, the payer must:
 (a) give a *payment summary that covers the retained amount or amounts to the recipient of the payment (the recipient); and
 (b) give a copy of the summary to the Commissioner.
(The summary must cover only the retained amount or amounts.)

Note: The payer must give the payment summary even if the payment is not covered by section 12‑85.

Exceptions

 (2) Subsection (1) does not apply if the *eligible termination payment:
 (a) is of a kind mentioned in paragraph (a) or (jaa) of the definition of eligible termination payment in subsection 27A(1) of the Income Tax Assessment Act 1936; and
 (b) is a CGT exempt component within the meaning of that subsection.

 (3) Subsection (1) also does not apply if the *eligible termination payment:
 (a) is a death benefit of a kind set out in item 2 or 4 of Table 1 in subsection 27AAA(2) of the Income Tax Assessment Act 1936; and
 (b) is made to a person who is a dependant (within the meaning of paragraph (b) of the definition of dependant in subsection 27A(1) of that Act) of the deceased taxpayer concerned.