12‑55 Voluntary agreement to withhold12‑55 Voluntary agreement to withhold

#### 12‑55 Voluntary agreement to withhold (1) An entity must withhold an amount from a payment it makes to an individual if: (a) the payment is made under an \*arrangement the performance of which, in whole or in part, involves the performance of work or services (whether or not by the individual); and (b) no other provision of this Division requires the entity to withhold an amount from the payment; and (c) the entity and the individual are parties to an agreement (the voluntary agreement) that is in the \*approved form and states that this section covers payments under the arrangement mentioned in paragraph (a), or under a series of such arrangements that includes that arrangement; and (d) the individual has an \*ABN that is in force and is \*quoted in that agreement. For exceptions, see section 12‑1. (2) Each party must keep a copy of the voluntary agreement from when it is made until 5 years after the making of the last payment covered by the agreement. Penalty: 30 penalty units. > Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. (2A) An offence under subsection (2) is an offence of strict liability. > Note: For strict liability, see section 6.1 of the Criminal Code. (3) A party to the voluntary agreement may terminate it at any time by notifying the other party in writing.