Document ID: chunk:federal_register_of_legislation:F2016L01123:body:0
Version: federal_register_of_legislation:F2016L01123
Segment Type: other
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Character Range: 0–2481

Legislative Instrument

PAYG Withholding variation for foreign resident capital gains withholding payments – acquisitions from multiple entities

I, Steve Vesperman, Deputy Commissioner of Taxation, make this variation under subsection 14-235(5) of Schedule 1 to the Taxation Administration Act 1953.

Deputy Commissioner of Taxation
Dated: 29 June 2016

      1. Name of instrument

    This determination is the PAYG Withholding variation for foreign resident capital gains withholding payments – acquisitions from multiple entities.

    2.                  Commencement

    This instrument commences 1 July 2016.

    3.                  Application

    This instrument applies to payments covered by sections 14-200 and 14-205 of Schedule 1 to the Taxation Administration Act 1953, where the relevant CGT asset is acquired from more than one entity and at least one, but not all, of those entities have provided:

         (i)       a clearance certificate issued by the Commissioner of Taxation under section 14-220 of Schedule 1 to the Taxation Administration Act 1953,
         (ii)     a declaration under section 14-225 of Schedule 1 to the Taxation Administration Act 1953, or
         (iii)   a notice of variation granted by the Commissioner under subsection 14-235(2) of Schedule 1 to the Taxation Administration Act 1953.

    4.                  Determination

    The amount to be paid to the Commissioner in relation to transactions covered by this instrument is varied as follows:

    For each entity that has not provided a clearance certificate, declaration or notice of variation, withhold an amount equal to the amount which would be required to be paid to the Commissioner under subsection 14-200(3) or subsection 14-205(4) of Schedule 1 to the Taxation Administration Act 1953, multiplied by the entity's percentage interest in the relevant CGT asset.

    For each entity that has provided a notice of variation, the varied amount stated on the notice of variation.

    For each entity that has provided a valid clearance certificate or declaration, no withholding is required.

    5.                  Definitions

    Where individuals own the relevant asset as joint tenants, their percentage interests are as defined in section 108-7 of the Income Tax Assessment Act 1997.

    Other terms used in this legislative instrument have the same meaning as defined in the:

 Income Tax Assessment Act 1997, or
 Taxation Administration Act 1953