Document ID: chunk:federal_register_of_legislation:F2024L01568:clause:2_4
Version: federal_register_of_legislation:F2024L01568
Segment Type: clause
Provision Reference: sch 2 cl 4
Character Range: 380419–381542

4           To whom is the levy payable?                                                                                                                     The Commonwealth

Note 1: For items 1 and 2, a collection agent is liable to pay an amount, on behalf of the levy payer, equal to the levy: see clause 26‑2.
 If the agent pays that amount, the levy payer's liability to pay the levy is discharged under section 10 of the Act. That section allows the agent to deduct amounts from money received by the agent on behalf of the levy payer or money payable by the agent to the levy payer, or to recover amounts from the levy payer, up to the amount of the levy.
Note 2: For penalty for late payment, see section 9 of the Act.

Threshold quarter
 (2) The threshold quarter in a financial year, for a levy payer and for a transaction of a kind specified in an item in this table, is the first quarter in that year at the end of which the total amount of levy that the levy payer is liable to pay in relation to that kind of transaction and that year is $25 or more.

Threshold quarter
Item               Kind of transaction