Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) This regulation applies if an individual has not made a TFN declaration that is in effect under Division 3 of Part VA of the Income Tax Assessment Act 1936 to an entity that:
(a) makes an ETP to the individual; or
(b) pays a superannuation lump sum to the individual.
(1A) However, this regulation does not apply in relation to an individual if subsection 12‑1 (1A) of Schedule 1 to the Act applies to the payment of the ETP or the superannuation lump sum.
(2) If the individual is a prescribed non‑resident, the amount to be withheld from the ETP or the superannuation lump sum under section 12‑85 of Schedule 1 to the Act is the amount worked out by multiplying the number of whole dollars in the taxable component of the ETP or the superannuation lump sum, by 0.45.
(3) If the individual is not a prescribed non‑resident, the amount to be withheld from the ETP or the superannuation lump sum under section 12‑85 of Schedule 1 to the Act is the amount worked out by multiplying the number of whole dollars in the taxable component of the ETP or the superannuation lump sum, by 0.465.
(4) In this regulation:
"employment termination payment" has the meaning given by subsection 995-1 (1) of the 1997 Tax Act;
"ETP" means an employment termination payment.
"superannuation lump sum" has the meaning given by subsection 995-1 (1) of the 1997 Tax Act.
taxable component of the payment means:
(a) a taxable component of an employment termination payment within the meaning given by subsection 995‑1 (1) of the 1997 Tax Act; or
(b) a taxable component of a superannuation benefit within the meaning given by subsection 995‑1 (1) of the 1997 Tax Act.