Commonwealth legislation

Taxation Administration Act 1953 - PAYG Withholding Variation: Partnerships (28/06/2000)

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

This change sets the withholding rate to nil for director fees paid to individual partners who were appointed as company directors because of their partnership connection and who must remit all such fees to the partnership. It affects companies paying those fees and the partner-directors who never retain the income. The change prevents unnecessary withholding, avoiding cash-flow disruption and duplicate reporting when the partnership, not the individual, receives and reports the income.

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Current sections

Direct links to the current provisions in Taxation Administration Act 1953 - PAYG Withholding Variation: Partnerships (28/06/2000).

Taxation Administration Act 1953 - PAYG Withholding Variation: Partnerships (28/06/2000)

Pay As You Go (PAYG) Withholding

Variation of rate of withholding

I, Michael Joseph Carmody, Commissioner of Taxation, vary to nil the amount required to be withheld from withholding payments that are:

covered by section 12-40 of Schedule 1 of the Taxation Administration Act 1953; and
made to an individual partner that is appointed as a director to a company because of their connection with a particular partnership and subject to a further agreement with the partnership, is required to remit all such fees received in relation to the directorship, to that partnership.

I make this variation of the rate of withholding under the power contained in section 15-15, Schedule 1 of the Taxation Administration Act 1953 to meet the special circumstances of that class of cases.

Effective for payments made after 1 July 2000

This variation is effective for payments made on or after 1 July 2000.

Signed at Canberra, this 28th day of June 2000.

Signed by Michael Carmody

Commissioner of Taxation

Source text

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

1 Taxation Administration Act 1953 - PAYG Withholding Variation: Partnerships (28/06/2000)