PAYG Withholding variation for foreign resident capital gains withholding payments – deceased estates and legal personal representatives
Legislative Instrument
PAYG Withholding variation for foreign resident capital gains withholding payments – deceased estates and legal personal representatives
I, Steve Vesperman, Deputy Commissioner of Taxation, make this variation under subsection 14-235(5) of Schedule 1 to the Taxation Administration Act 1953.
Deputy Commissioner of Taxation
Dated: 15 August 2016
- Name of instrument
This determination is the PAYG Withholding variation for foreign resident capital gains withholding payments – deceased estates and legal personal representatives.
- Commencement
This instrument commences on the day after its registration on the Federal Register of Legislative Instruments.
- Application
This instrument applies to payments covered by section 14-200 of Schedule 1 to the Taxation Administration Act 1953, where, as a result of the death of an individual:
(i) the legal personal representative is taken to have acquired the relevant asset following the death of the individual;
(ii) a beneficiary obtains ownership of the relevant asset by way of direct transfer from the deceased or by transfer from the legal personal representative of the deceased; or
(iii) a surviving joint tenant acquires the deceased joint tenant’s interest in the relevant asset.
- Determination
The amount to be paid to the Commissioner in relation to transactions covered by this instrument is varied to nil.
- 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