Taxation Administration Act 1953

An entity that is a *withholding MIT or a *custodian must comply with subsection (2) if:

the entity makes a payment to another entity (the recipient) from which an amount would have been required to be withheld under section 12‑385 or subsection 12‑390(1) if the payment had been made to an entity covered by section 12‑410; and

an amount is not required to be withheld from the payment because the recipient is not an entity covered by section 12‑410.

An entity may be covered by section 12‑410 if the entity has an address outside Australia or payment is authorised to be made to a place outside Australia.

The entity must:

give to the recipient a written notice containing the details specified in subsection (3); or

make those details available on a website in a way that the details are readily accessible to the recipient for not less than 5 continuous years.

The notice must be given, or the details must be made available on a website, before or at the time when the payment is made and:

must specify the part of the payment from which an amount would have been so required to have been withheld; and

must specify the extent (if any) to which the payment is, or is attributable to, a *fund payment from a *clean building managed investment trust; and

must specify the extent (if any) to which the payment is, or is attributable to, *non‑concessional MIT income (see section 12‑435); and

must specify the extent (if any) to which the payment is, or is attributable to, an amount that would be non‑concessional MIT income if the following provisions were disregarded:

subsection 12‑437(5);

sections 12‑440, 12‑447, 12‑449 and 12‑451; and

must specify the extent (if any) to which the payment is, or is attributable to, an amount that would be non‑concessional MIT income only if subsection 12‑450(5) were disregarded; and

must specify the income year of the *withholding MIT to which that part relates.

Failure to give the notice or make the details available as required by this section incurs an administrative penalty: see section 12‑415.

An entity that is not a *withholding MIT or a *custodian must comply with subsection (5) if:

the entity receives a payment; and

another entity (also the recipient) is or becomes entitled:

to receive from the entity; or

to have the entity credit to the recipient, or otherwise deal with on the recipient’s behalf or as the recipient directs;

the entity would have been required to withhold an amount from the payment under subsection 12‑390(4) if the recipient had been a foreign resident; and

an amount is not required to be withheld from the payment because the recipient is not a foreign resident.

The entity must:

give to the recipient a written notice containing the details specified in subsection (6); or

make those details available on a website in a way that the details are readily accessible to the recipient for not less than 5 continuous years.

The notice must be given, or the details must be made available on a website, before or at the time when the amount is paid or credited to the recipient, or is dealt with on the recipient’s behalf or as the recipient directs, and:

must specify the part of the payment referred to in paragraph (4)(a) from which an amount would have been so required to have been withheld; and

must specify the extent (if any) to which the payment is, or is attributable to, a *fund payment from a *clean building managed investment trust; and

must specify the extent (if any) to which the payment is, or is attributable to, *non‑concessional MIT income (see section 12‑435); and

must specify the extent (if any) to which the payment is, or is attributable to, an amount that would be non‑concessional MIT income if the following provisions were disregarded:

subsection 12‑437(5);

sections 12‑440, 12‑447, 12‑449 and 12‑451; and

must specify the extent (if any) to which the payment is, or is attributable to, an amount that would be non‑concessional MIT income only if subsection 12‑450(5) were disregarded; and

must specify the income year of the *withholding MIT to which that part relates.

Failure to give the notice or make the details available as required by this section incurs an administrative penalty: see section 12‑415.