14‑55 Liability for TFN withholding tax14‑55 Liability for TFN withholding tax

#### 14‑55 Liability for TFN withholding tax (1) \*TFN withholding tax is payable if: (a) in relation to a \*Part VA investment, an amount (the accrued gain) is included in the \*investor’s assessable income for an income year under section 159GQ of the Income Tax Assessment Act 1936 (about gains accruing on securities); and (b) the investment: (i) is of a kind mentioned in item 1 or 2 of the table in subsection 202D(1) of that Act; or (ii) is of a kind mentioned in item 3 of that table and is non‑transferable; and (c) the term of the investment does not end during the income year; and (d) section 12‑140 would have required the \*investment body to withhold an amount (the TFN withholding amount) from a payment of the accrued gain to the investor, if the investment body had made the payment at the end of the income year and section 12‑150 had not been enacted. > Note: Section 202D of the Income Tax Assessment Act 1936 lists the investments in connection with which tax file numbers are to be quoted. (2) The amount of \*TFN withholding tax is equal to the TFN withholding amount. (3) The \*TFN withholding tax is payable jointly and severally by the \*investor and the \*investment body. (4) However, if the \*investment body is the Commonwealth or an \*untaxable Commonwealth entity: (a) the \*TFN withholding tax is payable by the \*investor; and (b) the investor is taken to have authorised the investment body to pay the TFN withholding tax on the investor’s behalf. (5) The \*TFN withholding tax is due and payable at the end of 21 days after the end of the income year referred to in paragraph (1)(a). > Note 1: When it is due and payable, the TFN withholding tax is payable to the Commissioner: see paragraph 255‑5(1)(b). > Note 2: An entity by whom it is payable must pay it to the Commissioner in accordance with Subdivision 16‑B: see subsection 16‑70(3). If any of it remains unpaid, the entity is liable to pay general interest charge: see section 16‑80. > Note 3: The Commissioner may defer the time at which TFN withholding tax becomes due and payable: see section 255‑10. (6) The adoption (under section 18 of the Income Tax Assessment Act 1936) of an accounting period ending on a day other than 30 June is disregarded for the purposes of: (a) this section; and (b) the application of Division 16E of Part III of that Act for the purposes of this section.