Commonwealth legislation

Taxation Administration Act 1953 - PAYG Withholding - Payment summary deferral - Employment termination and departing Australia superannuation payments (02/03/2012)

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

What this does

This decision by the Australian Taxation Office (ATO) gives employers extra time to submit specific tax paperwork. Normally, when an employer makes an employment termination payment (a lump sum paid when someone loses their job) or pays superannuation to someone leaving Australia permanently, they must give the ATO a copy of the payment summary by a set deadline. This instrument pushes that deadline back to 14 August following the end of the financial year.

Who it affects

Employers who make employment termination payments or departing Australia superannuation payments
Employees or former employees receiving these payments

Why it matters

These payments involve complex tax calculations. The extra time helps employers ensure accuracy in their reporting to the ATO. This instrument replaces an earlier 2006 decision (F2006B11584) and continues the arrangement under the Taxation Administration Act 1953.

JSON API Tax / GST / superannuation

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Current sections

Direct links to the current provisions in Taxation Administration Act 1953 - PAYG Withholding - Payment summary deferral - Employment termination and departing Australia superannuation payments (02/03/2012).

Taxation Administration Act 1953 - PAYG Withholding - Payment summary deferral - Employment termination and departing Australia superannuation payments (02/03/2012)

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Taxation Administration Act 1953

Pay As You Go (PAYG) Withholding

Payment summary deferral - Employment termination and departing Australia superannuation payments

I, Erin Kathleen Holland, Deputy Commissioner of Taxation, defer the due date to give a copy of a payment summary to the Commissioner under section 16-165 (1) (b) and section 16-166 (b) of Schedule 1 to the Taxation Administration Act 1953. The due date is varied to 14 August following the financial year in which the payment was made.

This variation is made under section 388-55 of Schedule 1 to the Taxation Administration Act 1953.

This legislative instrument revokes Legislative Instrument No. F2006B11584 registered on the 16th November 2006

Commencement

This instrument commences on the day after registration on the Federal Register of Legislative Instruments.

Signed on 2 March 2012

Erin Holland

Deputy Commissioner of Taxation

Source text

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