Document ID: chunk:federal_register_of_legislation:C2007A00079:clause:10_3:p3
Version: federal_register_of_legislation:C2007A00079
Segment Type: clause
Provision Reference: sch 10 cl 3 (pt 3/4)
Character Range: 103553–106145

future *fund payments are to be worked out on the basis of the trustee's knowledge when the actual payment is made.

 (4) However, an amount is not a fund payment in relation to the income year unless it is paid:
 (a) during the income year; or
 (b) within 3 months after the end of the income year; or
 (c) within a longer period (starting at the end of the period referred to in paragraph (b) and not exceeding 3 months) allowed by the Commissioner.

 (5) The Commissioner may allow a longer period as mentioned in paragraph (4)(c) only if the Commissioner is of the opinion that the trustee was unable to make the payment during the income year, or within 3 months after the end of the income year, because of circumstances beyond the influence or control of the trustee.

12‑405  Meaning of intermediary

 (1) An entity is an intermediary in relation to a payment it receives at a time (the receipt time) if:
 (a) it is *carrying on a *business at the receipt time that consists predominantly of providing a custodial or depository service (as defined by section 766E of the Corporations Act 2001) pursuant to an Australian financial services licence (as defined by section 761A of that Act); and
 (b) it received the payment in the course of that business; and
 (c) before or at the receipt time, it received a notice of the kind referred to in section 12‑415 in relation to the payment; and
 (d) either:
 (i) subsection (2) is satisfied for the entity at the receipt time; or
 (ii) the business is carried on at the receipt time through an *Australian permanent establishment.

 (2) This subsection is satisfied for an entity at the receipt time if:
 (a) for a trust—at that time:
 (i) the trustee was an Australian resident; or
 (ii) the central management and control of the trust was in Australia; or
 (b) for another entity—the entity is an Australian resident at the receipt time.

12‑410  Entity to whom payment is made

 (1) An entity (the recipient) is covered by this section for a payment made to it by another entity (the payer) if any of these conditions is satisfied when the payment is made:
 (a) the recipient is a foreign resident;
 (b) the payer believes, or has reasonable grounds to believe, that the recipient is a foreign resident;
 (c) the payer has no reasonable grounds to believe that the recipient is an Australian resident, and either:
 (i) the recipient has an address outside Australia (according to any record that is in the payer's possession, or is kept or maintained on the payer's behalf, about the transaction to which the payment relates); or
 (ii)