1. Name of instrument
1. Name of instrument
1. Name of instrument
This determination is the PAYG Withholding variation for foreign resident capital gains withholding payments – no residue after a mortgagee exercises a power of sale 2020.
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Commonwealth legislation
This instrument sets PAYG withholding under s14‑200 to nil where an authorised deposit‑taking mortgagee exercises a power of sale, the sale produces zero or negative residue, and the mortgagee gives the transferee a written declaration varying withholding to nil. It affects authorised deposit‑taking institutions (mortgagees), transferees (buyers) and the ATO’s withholding collection by removing the buyer’s withholding obligation in this narrowly defined situation.
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Direct links to the current provisions in PAYG Withholding variation for foreign resident capital gains withholding payments – no residue after a mortgagee exercises a power of sale 2020.
This determination is the PAYG Withholding variation for foreign resident capital gains withholding payments – no residue after a mortgagee exercises a power of sale 2020.
This instrument commences on the day after its registration on the Federal Register of Legislation.
This instrument applies to payments covered by section 14-200 of Schedule 1 to the Taxation Administration Act 1953, where, in a transaction involving the acquisition of land:
(i) a mortgagee exercises a power of sale;
(ii) the residue is zero or less than zero; and
(iii) the mortgagee provides a written declaration to the transferee that the amount to withhold is varied to nil under this instrument.
The amount to be paid by the transferee to the Commissioner in relation to the transactions covered by this instrument is varied to nil.
Mortgagee – a mortgagee in relation to the land that is also an ‘authorised deposit-taking institution’ as defined in section 5 of the Banking Act 1959.
Residue – an amount worked out as the sale proceeds less expenses incidental to the sale and amounts payable to registered mortgagees over the asset.
Transferee – the person acquiring the land as a result of the transaction.
Other terms used in this legislative instrument have the same meaning as defined in the Taxation Administration Act 1953.
None.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This determination is the PAYG Withholding variation for foreign resident capital gains withholding payments – no residue after a mortgagee exercises a power of sale 2020.
This instrument commences on the day after its registration on the Federal Register of Legislation.
This instrument applies to payments covered by section 14-200 of Schedule 1 to the Taxation Administration Act 1953, where, in a transaction involving the acquisition of land:
(i) a mortgagee exercises a power of sale;
(ii) the residue is zero or less than zero; and
(iii) the mortgagee provides a written declaration to the transferee that the amount to withhold is varied to nil under this instrument.
The amount to be paid by the transferee to the Commissioner in relation to the transactions covered by this instrument is varied to nil.
Mortgagee – a mortgagee in relation to the land that is also an ‘authorised deposit-taking institution’ as defined in section 5 of the Banking Act 1959.
Residue – an amount worked out as the sale proceeds less expenses incidental to the sale and amounts payable to registered mortgagees over the asset.
Transferee – the person acquiring the land as a result of the transaction.
Other terms used in this legislative instrument have the same meaning as defined in the Taxation Administration Act 1953.
None.