{"id":"F2006B00321","name":"Taxation Administration Act 1953 - PAYG Withholding Variation: Financial Supplies (19/11/2001)","slug":"taxation-administration-act-1953-payg-withholding-variation-financial-supplies-19-11-2001","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":40601,"registerId":"commonwealth-F2006B00321-current","compilationNumber":null,"startDate":"2026-04-01","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Taxation Administration Act 1953 - PAYG Withholding Variation: Financial Supplies (19/11/2001)","content":"Pay As You Go (PAYG) Withholding\n\nVariation of amount required to be withheld\n\nI, Stuart Frederick Forsyth, Assistant Commissioner of Taxation, vary to nil the amount required to be withheld from withholding payments that are:\n\n-   covered by section 12-190 of Schedule 1 to the Taxation Administration Act 1953; and\n-   within the class of cases described below.\n\nI make this variation of the amount required to be withheld under the power contained in section 15-15 of Schedule 1 to the Taxation Administration Act 1953 to meet the special circumstances of that class of cases.\n\nThis variation is effective for payments made on or after the date on which a copy of this notice is published in the Gazette.\n\nClass of cases\n\nAny payment where the supplier has not quoted an ABN and the payment is wholly for a:\n\n-   financial supply as defined in Part 3-1, Division 40 of A New Tax System (Goods and Services Tax) Regulations 1999 (“GST Regulations”). However, the requirements in subregulation 40-5.09 (1)(a) and (b) Part 3-1, Division 40 of the GST Regulations need not be satisfied.\n\nSigned at Brisbane, this 19th day of November 2001.\n\nSigned by Stuart Forsyth\n\nAssistant Commissioner of Taxation","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":4009},"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This is the original 2001 instrument creating the variation. It establishes a specific exception to the general PAYG withholding rules but does not represent a subsequent modification of an earlier version of this instrument."},"complexity_factors":["Requires cross-referencing between PAYG withholding provisions (TAA 1953 Schedule 1) and GST financial supply definitions (GST Regulations Part 3-1, Division 40)","Partial disapplication of specific regulatory requirements (subregulation 40-5.09(1)(a) and (b) of the GST Regulations)","Assumes familiarity with the 'no ABN withholding' regime in section 12-190","Conditional scope limited to payments 'wholly' for financial supplies"],"plain_english_summary":"This ruling sets the withholding rate to nil for payments that are wholly for financial supplies (like loan interest, bank fees and insurance premiums), so payers don’t have to withhold 47% when a financial services supplier hasn’t quoted an ABN.  \n\nIt matters because financial supplies are input‑taxed under GST; the exception prevents severe cash‑flow disruption to financial institutions and their customers by allowing full payment to suppliers."}},"importantCases":[],"_links":{"self":"/api/acts/taxation-administration-act-1953-payg-withholding-variation-financial-supplies-19-11-2001","history":"/api/acts/taxation-administration-act-1953-payg-withholding-variation-financial-supplies-19-11-2001/history","analysis":"/api/acts/taxation-administration-act-1953-payg-withholding-variation-financial-supplies-19-11-2001/analysis","conflicts":"/api/acts/taxation-administration-act-1953-payg-withholding-variation-financial-supplies-19-11-2001/conflicts","importantCases":"/api/acts/taxation-administration-act-1953-payg-withholding-variation-financial-supplies-19-11-2001/important-cases","documents":"/api/acts/taxation-administration-act-1953-payg-withholding-variation-financial-supplies-19-11-2001/documents"}}