Commonwealth legislation

PAYG Withholding: Notice of exemption from requirement to give a copy of payment summary to the Commissioner within 14 days under section 16-165(1)(b) and section 16-166(b) of Schedule 1 to the Taxation Administration Act 1953 (29/05/2002)

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

2/10 complexity

This notice removes the 14-day requirement to send the ATO a copy of payment summaries when tax is withheld from eligible termination payments (e.g., redundancy lump sums) and departing Australia superannuation payments. It affects employers and superannuation funds, cutting red tape while keeping obligations to give recipients their summaries and to report these payments to the ATO at the usual later lodgement time.

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Current sections

Direct links to the current provisions in PAYG Withholding: Notice of exemption from requirement to give a copy of payment summary to the Commissioner within 14 days under section 16-165(1)(b) and section 16-166(b) of Schedule 1 to the Taxation Administration Act 1953 (29/05/2002).

PAYG Withholding: Notice of exemption from requirement to give a copy of payment summary to the Commissioner within 14 days under section 16-165(1)(b) and section 16-166(b) of Schedule 1 to the Taxation Administration Act 1953 (29/05/2002)

Pay As You Go (PAYG) Withholding

Notice of exemption from requirement to give a copy of payment summary to the Commissioner within 14 days under section 16-165 (1) (b) and section 16-166 (b) of Schedule 1 to the Taxation Administration Act 1953

I, Megan Elizabeth Yong, A/g Assistant Commissioner of Taxation, pursuant to

section 16-180 of Schedule 1 to the Taxation Administration Act 1953 do hereby exempt entities from the requirement to give a copy of a payment summary to the Commissioner within 14 days under section 16-165 (1) (b) and section 16-166 (b) of Schedule 1 to the Taxation Administration Act 1953. This applies to withholding payments covered by Subdivision 12-C, section 12-85 (Eligible termination payments) and Subdivision 12-FA, section 12-305 (Departing Australia superannuation payments).

Payers are therefore not required to give a copy of the payment summary to the Commissioner within 14 days after they make an eligible termination payment or a departing Australia superannuation payment where they have withheld amounts from payments in accordance with Subdivision 12-C, section 12-85 or Subdivision 12-FA, section 12-305.

Effective for payment summaries given on or after the date of this notice

The exemption above applies to payment summaries given on or after the date of this notice.

Signed at Canberra, this 29th day of May 2002.

Megan Yong

A/g Assistant Commissioner of Taxation

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 PAYG Withholding: Notice of exemption from requirement to give a copy of payment summary to the Commissioner within 14 days under section 16-165(1)(b) and section 16-166(b) of Schedule 1 to the Taxation Administration Act 1953 (29/05/2002)