Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) The amount to be withheld under section 12‑140 or 12‑145 of Schedule 1 to the Act from a payment of income in respect of a Part VA investment is an amount equal to the product of the top rate and the amount of the payment.
(2) Subregulation (3) applies if
(a) the payment from which that amount is to be withheld is a franked distribution; and
(b) the franking percentage is less than 100%.
(3) The amount to be withheld from the payment is the amount worked out using the formula:
(4) In this regulation:
"franked distribution" has the meaning given in subsection 995-1 (1) of the Income Tax Assessment Act 1997 .
"franking percentage" has the meaning given in subsection 995-1 (1) of the Income Tax Assessment Act 1997 .
"Part VA investment" has the meaning given in subsection 995-1 (1) of the Income Tax Assessment Act 1997 .
top rate means the sum of:
(a) the highest rate specified in the table in Part I of Schedule 7 to the Income Tax Rates Act 1986 ; and
(b) the rate of levy specified in subsection 6 (1) of the Medicare Levy Act 1986 .
"unfranked part of the distribution" has the meaning given by subsection 995-1 (1) of the Income Tax Assessment Act 1997 .