Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:3_11:p4
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 3 cl 11 (pt 4/13)
Character Range: 98744–101384

a notice, or make details available on a website, under section 12A‑15 in relation to:
 (i) a payment made to another entity; or
 (ii) an amount paid or credited to, or dealt with on behalf of or as directed by, another entity; and
 (b) fails to comply with that section;
is liable to pay to the Commissioner a penalty equal to the amount that would have been required to be withheld under this Subdivision (disregarding section 12‑300) in relation to amounts attributable to the payment or amount if the notice had been given or the details had been made available.
Note: Division 298 in this Schedule contains machinery provisions for administrative penalties.

12A‑25  Meaning of AMIT DIR payment
  An AMIT DIR payment means any of the following:
 (a) an *AMIT dividend payment;
 (b) an *AMIT interest payment;
 (c) an *AMIT royalty payment.

12A‑30  Meaning of AMIT dividend payment
 (1) This section applies to a trust that is an *AMIT for an income year.
 (2) The object of this section is to ensure that the total of the *AMIT dividend payments that the trustee of the *AMIT makes in relation to the income year equals, as nearly as practicable, the amount mentioned in subsection (3).
 (3) The amount is the total of the *determined member components for the *AMIT for the income year of the character of a dividend (as defined in Division 11A of Part III of the Income Tax Assessment Act 1936) that is subject to a requirement to withhold under Subdivision 12‑F.
 (4) A payment (the actual or deemed payment) that the trustee of a trust makes in relation to an income year is an AMIT dividend payment in relation to that year. However, the amount of the AMIT dividend payment is worked out under the following method statement, and may be:
 (a) the amount of the actual or deemed payment; or
 (b) the amount of the actual or deemed payment, increased or reduced as a result of the method statement.
Note: The payment by the trustee may be an actual payment, or a deemed payment under section 12A‑205.

      Method statement
           Step 1. Work out what it is reasonable to expect will be the amount mentioned in subsection (3).
           Step 2. The AMIT dividend payment is so much of the step 1 amount as is reasonable having regard to:

                (a) the object of this section; and
                (b) the amounts of any earlier AMIT dividend payments made by the trustee in relation to the income year; and
                (c) the expected amounts of any later AMIT dividend payments the trustee expects to make in relation to the income year.
 (5) The amount mentioned in subsection (3) and the expected amounts