Commonwealth legislation

Taxation Administration Act 1953 - Variation to the rate of withholding for certain superannuation beneficiaries who have not quoted a tax file number (28/06/2007)

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

3/10 complexity

This instrument fixes a technical problem by ensuring superannuation funds do not have to withhold tax from the tax‑free (non-assessable non-exempt) portion of payments, even when the beneficiary hasn’t provided a TFN. It affects superannuation funds making payments and beneficiaries receiving tax‑free components, removing unjustified withholding on those amounts.

JSON API Tax / GST / superannuation

Deep dive

Want the full deep dive?

Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.

Current sections

Direct links to the current provisions in Taxation Administration Act 1953 - Variation to the rate of withholding for certain superannuation beneficiaries who have not quoted a tax file number (28/06/2007).

Taxation Administration Act 1953 - Variation to the rate of withholding for certain superannuation beneficiaries who have not quoted a tax file number (28/06/2007)

Taxation Administration Act

Variation to the rate of withholding for certain superannuation beneficiaries who have not quoted a tax file number

I, Erin Kathleen Holland, Deputy Commissioner of Taxation, make this instrument under section 15-15 of Schedule 1 to the Taxation Administration Act 1953.

Dated: 28 June 2007

Erin Holland

Deputy Commissioner of Taxation

1 Name of instrument

This instrument is the Taxation Administration Act - Variation to the rate of withholding for certain superannuation beneficiaries who have not quoted a tax file number.

2 Commencement

This instrument commences on 1 July 2007.

3 Purpose

This instrument ensures that amounts of non assessable non exempt income paid to a superannuation beneficiary are not subject to withholding when the payee has not quoted their tax file number (TFN). Without this variation, withholding would be required from these amounts when paid in conjunction with assessable amounts.

4 Variation to the rate of withholding

This instrument applies to payments that include amounts covered by section 12-80 or subsection 12-85(a) of Schedule 1 to the Taxation Administration Act 1953, where the payee has not provided the payer with a TFN declaration that has effect under Division 3 of Part VA of the Income Tax Assessment Act 1936.

The amount to withhold is varied to nil for that portion of the payment which is non assessable non exempt income of the payee.

Source text

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

1 Taxation Administration Act 1953 - Variation to the rate of withholding for certain superannuation beneficiaries who have not quoted a tax file number (28/06/2007)