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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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Turn the raw legal text into a practical explanation grounded in PAYG Withholding variation for foreign resident capital gains withholding payments – no residue after a mortgagee exercises a power of sale 2020.
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.