12-160
CurrentInvestment body unaware that exemption from quoting TFN has stopped applying
Volume 1Parts I to V (sections 1 to 18), Schedule 1, Chapter 2, Part 2-1 to Part 2-5 (sections 6-1 to 21-5)
Schedule 1Collection and recovery of income tax and other liabilities
Chapter 2Collection, recovery and administration of income tax
Part 2-5Pay as you go (PAYG) withholding
Division 12Payments from which amounts must be withheld
Subdivision 12-EPayments where TFN or ABN not quoted
12-160 Investment body unaware that exemption from quoting TFN has stopped applying
Section 12‑140 or 12‑145 does not require an amount to be withheld if:
(a)
a provision of Division 5 of Part VA of the Income Tax Assessment Act 1936 has applied to the other entity in relation to the investment, but no longer applies when the payment is made; and
(b)
when the payment is made, the *investment body has not been informed of anything that resulted in the provision no longer applying.
Note:
Division 5 of Part VA of that Act provides, in certain cases, that even though an entity has not quoted its tax file number it is taken to have done so.
This Act’s bill:Second reading speech
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