1Taxation Administration Act 1953 - PAYG Withholding Variation: Insurance and Compensation (17/11/2003)

Pay as you go (PAYG) withholding

Notice of variation of amount required to be withheld

____________________________________________________________________

I, Erin Kathleen Holland, Deputy Commissioner of Taxation, vary to nil, the amount required to be withheld from withholding payments that are:

• covered by section 12-190 in Schedule 1 to the Taxation Administration Act 1953, and
• within the class of cases described below.

I made this variation of the amount required to be withheld under the power contained in section 15-15 in Schedule 1 to the Taxation Administration Act 1953 to meet the special circumstances of that class of cases.

This variation is effective for payments made on or after the date on which a copy of this notice is published in the Gazette.

Class of cases

Any payment made by:

1. an insurer to another entity in settlement of a claim under an insurance policy, or
2. an entity operating a statutory compensation scheme to another entity in settlement of a claim for compensation under that scheme, or
3. an entity operating a compulsory third party scheme to another entity in settlement of a claim for compensation under that scheme.

Expressions used in the class of cases have the same meaning as in A New Tax System (Goods and Services Tax) Act 1999.

Signed at Moonee Ponds, this 17th day of November 2003.

Signed by Erin Holland

Deputy Commissioner of Taxation