PAYG Withholding variation for foreign resident capital gains withholding payments – no residue after a mortgagee exercises a power of sale 2020
5. Definitions5. Definitions
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5. Definitions
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.