Document ID: chunk:federal_register_of_legislation:C2010C00715:clause:1_4:p10
Version: federal_register_of_legislation:C2010C00715
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 10/21)
Character Range: 83402–86264

withholding payment.

Note: Subsection 226(1A) of the Income Tax Assessment Act 1936 requires a taxpayer to pay additional withholding tax following a calculation of the taxpayer's withholding tax liability that takes into account determinations made under subsection 177F(2A) of that Act.

 (2) The amount is due at the time when the taxpayer becomes liable to pay the penalty.

 (3) If the entity pays the amount to the Commissioner, it may recover an amount equal to that amount from the taxpayer.

General interest charge

 (4) If any of the amount payable by the entity under this section remains unpaid after it is due, the entity is liable to pay *general interest charge on the unpaid amount for each day in the period that:
 (a) started at the beginning of the day by which the amount was due to be paid; and
 (b) finishes at the end of the last day, at the end of which, any of the following remains unpaid:
 (i) the amount;
 (ii) general interest charge on any of the amount.

[The next Division is Division 18.]

Division 18—Recipient's entitlements and obligations

Table of Subdivisions

 18‑A Crediting withheld amounts against liability for income tax, withholding tax or mining withholding tax
 18‑B Refund of certain withheld amounts
 18‑C Recipient's obligations

Subdivision 18‑A—Crediting withheld amounts against liability for income tax, withholding tax or mining withholding tax

Guide to Subdivision 18‑A

18‑1  What this Subdivision is about

      In general, an entity:
         • that receives a withholding payment (except one covered by section 12‑215, 12‑250 or 12‑285); or
         • that is the foreign resident for which a withholding payment covered by section 12‑215, 12‑250 or 12‑285 (or a part of it) is received;
      is entitled to a credit for the amount withheld from the withholding payment.
      However, if that entity is a partnership or trust, a partner, beneficiary or trustee may be entitled to the credit.
      This Subdivision tells you:
         • who is entitled to a credit; and
         • how to work out the amount of the credit.
      How a credit is applied is set out in Division 3 of Part IIB.

Table of sections

General exception

18‑5 No credit for refunded amount

Entitlement to credits: income tax liability

18‑10 Application of sections 18‑15, 18‑20 and 18‑25
18‑15 Tax credit for recipient of withholding payments
18‑20 Tax credit where recipient is a partnership
18‑25 Tax credit where recipient is a trust

Entitlement to credits: dividend, interest or royalty

18‑30 Credit: dividend, interest or royalty
18‑35 Credit: penalty under section 16‑30 or 16‑40 or related general interest charge
18‑40 Credit: liability under section 16‑200

Entitlement to credit: mining payment

18‑45 Credit—mining payment

 [This is the end of the Guide.]

General exception

18‑5  No credit