Commonwealth Consolidated Regulations

TAXATION ADMINISTRATION REGULATIONS 1976 - REG 37

         (1)   This regulation applies to a payment if:

                (a)    a provision of Subdivision 12‑B (except section 12‑55), 12‑C or 12‑D of Schedule 1 to the Act requires an amount to be withheld from the payment; and

               (b)    the recipient of the payment does not provide the payer with a TFN declaration that has effect under Division 3 of Part VA of the Income Tax Assessment Act 193 6 .

         (2)   The amount to be withheld from the payment is:

                (a)    if the recipient of the payment is a prescribed foreign resident -- an amount equal to 45% of the amount of the payment; and

               (b)    if the recipient of the payment is not a prescribed foreign resident -- an amount equal to 46.5% of the amount of the payment.