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Variation 55

Australian Government

Taxation Administration Act 1953

PAYG Withholding Variation

I, Emma Rosenzweig, Deputy Commissioner of Taxation, make this variation under subsection 14-235(5) of Schedule 1 to the Taxation Administration Act 1953.

1. Name of instrument
This instrument is the PAYG Withholding variation for foreign resident capital gains withholding payments - income tax exempt entities.

2. Commencement
This instrument commences on the day after its registration on the Federal Register of Legislative Instruments.

3. Application
This instrument applies to payments covered by section 14-200 of Schedule 1 to the Taxation Administration Act 1953, where the entity provides to the purchaser:

 evidence of a private binding ruling issued by the Australian Taxation Office confirming that the entity is income tax exempt that is valid for the year in which the transaction is occurring; or
 documentation showing that the entity is endorsed for income tax exemption as a registered charity under item 1.1 of section 50-5 of the Income Tax Assessment Act 1997.

4. Amount to be withheld
The amount to be paid to the Commissioner in relation to transactions covered by this instrument is varied to nil.

Income tax exempt entity - exempt entity is defined under subsection 995-1(1) of the Income Tax Assessment Act 1997 (ITAA 1997) which means an entity all of whose *ordinary income and *statutory income is exempt from income tax because of this Act or because of another *Commonwealth law, no matter what kind of ordinary income or statutory income the entity might have; or an *untaxable Commonwealth entity.

Other terms used in this legislative instrument have the same meaning as defined in the:

  Income Tax Assessment Act 1997, or
  Taxation Administration Act 1953

Signed on 9 March 2017
Emma Rosenzweig
Deputy Commissioner of Taxation

Registration Number: F2017L00390
Registration Date: 6 April 2017

Variation 55 - Explanatory statement


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