INCOME TAX ASSESSMENT ACT 1997 - SECT 276.95 Relationship between section 276 - 80 and withholding rules

INCOME TAX ASSESSMENT ACT 1997 - SECT 276.95

  (1)   Subsection   276 - 80(2) does not apply to the extent that the * determined member component is reflected in an * AMIT DIR payment or a * fund payment, if an amount in respect of the payment:

  (a)   has been withheld from the payment under Subdivision   12 - F or 12 - H in Schedule   1 to the Taxation Administration Act 1953 ; or

  (b)   would be so withheld apart from an exemption from a requirement to withhold under Subdivision   12 - F in that Schedule; or

  (c)   has been paid under Division   12A in that Schedule; or

  (d)   would be so paid apart from an exemption from a requirement to withhold under Subdivision   12 - F in that Schedule.

  (2)   However, if the * determined member component is reflected in a * fund payment, subsection   (1) applies only to the extent to which an amount attributable to the fund payment is treated under section   840 - 815 as not assessable income and not * exempt income.

  (3)   Subsection   276 - 80(2) does not affect the operation of the following:

  (a)   Division   11A of Part   III of the Income Tax Assessment Act 1936 ;

  (b)   Subdivision   840 - M of this Act;

  (c)   Division   12 in Schedule   1 to the Taxation Administration Act 1953 .

Note:   See Division   12A in Schedule   1 to the Taxation Administration Act 1953 for provisions about withholding tax that apply specifically to AMITs.