Variation 47
Australian Government
Taxation Administration Act 1953
PAYG Withholding Variation
I, Steve Vesperman, Deputy Commissioner of Taxation, make this variation under subsection 14-235(5) of Schedule 1 to the Taxation Administration Act 1953.
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
Dated: 29 June 2016
Steve Vesperman
Deputy Commissioner of Taxation
Registration Number: F2016L01123
Registration Date: 30 June 2016
Variation 47 - Explanatory statement