Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT (TAX FILE NUMBERS) ACT 1988 No. 97 of 1988 - SECT 16

16. Section 221YHZD of the Principal Act is amended:

   (a)  by inserting after subsection (1) the following subsections:

"(1A) An investment body in relation to a Part VA investment who deducts, or
purports to deduct, under subsection 221YHZC (1A), an amount from a payment to
a person of income in respect of the investment shall pay the amount to the
Commissioner within 21 days after the end of the month during which the income
is so paid.
Penalty: $5,000 or imprisonment for 12 months, or both.

"(1B) An investment body in relation to a Part VA investment shall not, after
the end of the phasing-in period mentioned in section 202DA, pay to a person
unattributed income in respect of the investment that is not paid in money
until an amount equal to the amount that would, if the income had been paid in
the form of an amount of money equal to the value of the income, have been
required to be deducted under subsection 221YHZC (1A) has been paid to the
Commissioner in respect of the income.
Penalty: $1,000.

"(1C) An amount paid by an investment body under subsection (1B) is
recoverable by the investment body as a debt payable by the investor in
relation to the investment concerned.";

   (b)  by omitting from subsection (2) "sub-section (1)" and substituting
        "subsection (1), (1A) or (1B)";

   (c)  by omitting paragraph (3) (a) and substituting the following
        paragraph:

"(a) an amount is payable to the Commissioner under subsection (1), (1A) or
(1B) by a person; and".