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Taxation Administration Act 1953

Authoritative Version
  • - C2016C00708
  • In force - Superseded Version
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Act No. 1 of 1953 as amended, taking into account amendments up to Tax Laws Amendment (Tax Incentives for Innovation) Act 2016
An Act to provide for the administration of certain Acts relating to Taxation, and for purposes connected therewith
Administered by: Treasury
Registered 01 Jul 2016
Start Date 01 Jul 2016
End Date 30 Sep 2016

Taxation Administration Act 1953

No. 1, 1953

Compilation No. 137

Compilation date:                              1 July 2016

Includes amendments up to:            Act No. 54, 2016

Registered:                                         1 July 2016

This compilation is in 3 volumes

Volume 1:       sections 1–18

                        Schedule 1 (sections 6‑1 to 97‑35)

Volume 2:       Schedule 1 (sections 105‑1 to 850‑100)

Volume 3:       Endnotes

Each volume has its own contents

 

About this compilation

This compilation

This is a compilation of the Taxation Administration Act 1953 that shows the text of the law as amended and in force on 1 July 2016 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.

Self-repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

  

  

  


Contents

Part I—Preliminary                                                                                                              1

1............................ Short title............................................................................ 1

2............................ Interpretation....................................................................... 1

2A......................... Application of the Criminal Code....................................... 3

2B.......................... Act binds the Crown........................................................... 3

3............................ Application......................................................................... 4

3AA...................... Schedule 1.......................................................................... 4

Part IA—Administration                                                                                                   5

3A......................... General administration of Act............................................. 5

3B.......................... Annual report...................................................................... 5

3C.......................... Reporting of information about corporate tax entity with reported total income of $100 million or more............................................................................................ 6

3CA....................... Reporting of information by significant global entities....... 8

3E.......................... Reporting of information about entity with PRRT payable. 9

Part II—Commissioner of Taxation, Second Commissioner of Taxation and Deputy Commissioner of Taxation                                                                                                                  11

4............................ Commissioner and Second Commissioners of Taxation... 11

4A......................... Statutory Agency etc. for purposes of Public Service Act 11

5............................ Tenure of Commissioner and Second Commissioners..... 11

5A......................... Remuneration and allowances of Commissioner and Second Commissioners         11

6............................ Leave of absence............................................................... 12

6A......................... Resignation....................................................................... 12

6B.......................... Acting appointments......................................................... 12

6C.......................... Suspension and removal from office of Commissioner or Second Commissioner  13

6D......................... Powers of Second Commissioner..................................... 15

7............................ Deputy Commissioners of Taxation................................. 15

8............................ Delegation......................................................................... 16

Part IIA—The general interest charge                                                                   17

8AAA................... Overview.......................................................................... 17

8AAB.................... When the general interest charge applies........................... 17

8AAC.................... Amount of the general interest charge............................... 23

8AAD................... What is the general interest charge rate?......................... 23

8AAE.................... When the charge is due and payable................................. 24

8AAF.................... Notification by Commissioner.......................................... 24

8AAG................... Remission of the charge.................................................... 25

8AAGA................ Rounding of the charge..................................................... 26

8AAH................... Judgment for payment of an unpaid amount..................... 26

Part IIB—Running balance accounts, application of payments and credits, and related matters          27

Division 1—Preliminary                                                                                            27

8AAZA................. Definitions........................................................................ 27

8AAZB................. Trustee to be treated as separate entity for each capacity... 29

Division 2—Running Balance Accounts (or RBAs)                                    30

8AAZC................. Establishment of RBAs.................................................... 30

8AAZD................. Allocation of tax debts to RBAs....................................... 30

8AAZF.................. General interest charge on RBA deficit debt..................... 31

8AAZG................. RBA statements................................................................ 31

8AAZH................. Liability for RBA deficit debt........................................... 31

8AAZI................... RBA statement to be evidence.......................................... 32

8AAZJ.................. Evidentiary certificate about RBA transactions etc............ 32

Division 3—Treatment of payments, credits and RBA surpluses       34

8AAZL.................. Amounts covered by this Division................................... 34

8AAZLA............... Method 1—allocating the amount first to an RBA............ 35

8AAZLB............... Method 2—applying the amount first against a non‑RBA tax debt          35

8AAZLC............... RBA surplus and related credits must remain equivalent if one or the other is applied            36

8AAZLD............... Special priority credits...................................................... 36

8AAZLE............... Instructions to Commissioner not binding........................ 37

Division 3A—Refunds of RBA surpluses and credits                                38

8AAZLF............... Commissioner must refund RBA surpluses and credits... 38

8AAZLG............... Retaining refunds until information or notification given.. 39

8AAZLGA............ Retaining refunds while Commissioner verifies information 39

8AAZLH............... How refunds are made...................................................... 42

Division 4—Miscellaneous provisions about tax debts                             44

8AAZM................ When payments are treated as received............................. 44

8AAZMA............. Electronic payment of tax debts........................................ 44

8AAZMB.............. Saturdays, Sundays and public holidays........................... 44

8AAZN................. Overpayments made by the Commissioner under taxation laws              45

Part III—Prosecutions and offences                                                                        46

Division 1—Preliminary                                                                                            46

8A......................... Interpretation..................................................................... 46

8AB....................... Application of Part to the Development Allowance Authority Act 1992    47

8AC....................... Application of Part to the Tax Agent Services Act 2009.... 48

Division 2—Offences                                                                                                   49

Subdivision A—Failure to comply with taxation requirements                   49

8B.......................... Interpretation..................................................................... 49

8C.......................... Failure to comply with requirements under taxation law... 50

8D......................... Failure to answer questions when attending before the Commissioner etc.              51

8E.......................... Penalties for failure to comply with requirements under taxation law      51

8F.......................... Election to treat offence otherwise than as prescribed taxation offence    52

8G......................... Order to comply with requirement.................................... 52

8H......................... Penalty for failure to comply with order to comply........... 53

8HA...................... Court may order payment of amount in addition to penalty 54

Subdivision B—Offences relating to statements, records and certain other Acts          54

8J........................... Interpretation..................................................................... 54

8K.......................... False or misleading statements.......................................... 61

8L.......................... Incorrectly keeping records etc......................................... 62

8M......................... Penalties for offences against subsections 8K(1) and (1B) and 8L(1) and (1A)      63

8N......................... Recklessly making false or misleading statements............ 63

8Q......................... Recklessly incorrectly keeping records etc........................ 64

8R.......................... Penalties for offences against sections 8N and 8Q........... 65

8S.......................... Election to treat offence otherwise than as prescribed taxation offence    65

8T.......................... Incorrectly keeping records with intention of deceiving or misleading etc.              65

8U......................... Falsifying or concealing identity with intention of deceiving or misleading etc.       66

8V......................... Penalties for offences against sections 8T and 8U............ 67

8W......................... Court may order payment of amount in addition to penalty 68

Subdivision BA—Offences relating to tax file numbers                                71

8WA...................... Unauthorised requirement etc. that tax file number be quoted  71

8WB...................... Unauthorised recording etc. of tax file number................. 73

8WC...................... Conducting affairs so as to avoid tax file number requirements               74

Subdivision C—Miscellaneous                                                                              75

8XA...................... Unauthorised access to taxation records........................... 75

8Y......................... Liability of officers etc. of corporations............................ 75

8Z.......................... Evidentiary certificate relating to previous convictions..... 76

Division 3—Prosecution of taxation offences                                                78

8ZA....................... Prosecution of taxation offences....................................... 78

8ZB....................... Prosecution may be commenced at any time..................... 79

8ZC....................... Place where offence committed......................................... 79

8ZD....................... Conduct by employees or agents of corporations............. 80

8ZE........................ Civil penalty not payable if prosecution instituted............. 80

8ZF........................ Penalties for corporations................................................. 81

8ZG....................... Enforcement of orders for payment.................................. 81

8ZH....................... Penalties not to relieve from tax........................................ 82

Division 4—Prescribed taxation offences                                                        83

8ZJ........................ Prosecution of prescribed taxation offences...................... 83

8ZK....................... Protection of witnesses..................................................... 84

8ZL........................ Averment.......................................................................... 85

8ZM...................... Evidence of authority to institute proceedings................... 85

8ZN....................... Costs................................................................................. 86

Division 5—Service of summons for prescribed taxation offences    87

9............................ Interpretation..................................................................... 87

10.......................... Service of summons by post............................................. 87

11.......................... Notice of conviction in absentia....................................... 88

12.......................... Notice of intention to issue warrant in default of payment 88

13.......................... Limitation of action to enforce payment of fine................. 89

13A....................... Setting aside of conviction or order.................................. 89

13B........................ Proof of service of summons or notice............................. 92

13C........................ Application of other laws.................................................. 92

Division 6—Setting aside etc. of conviction or order on application of Commissioner                93

13CA..................... Setting aside etc. of conviction or order on application of Commissioner                93

Part IIIA—Co‑operation between Commonwealth and State taxation authorities          95

Division 1—Interpretation                                                                                       95

13D....................... Interpretation..................................................................... 95

Division 2—Trans‑border investigations                                                         97

13E........................ State taxation officers may refer matters to Commissioner for investigation            97

13F........................ Access to documents etc................................................... 97

13G....................... Commissioner may obtain information and evidence........ 98

Division 4—Certification by State taxation officer of copies of, and extracts from, documents             99

13K........................ Certification by State taxation officer of copies of, and extracts from, documents   99

Division 5—Australian Taxation Office may perform functions under State/Territory debits tax laws                                                                                                                    102

13L........................ Australian Taxation Office may perform functions under State/Territory debits tax laws        102

Part IVA—Departure from Australia of certain tax debtors                 104

Division 1—Interpretation                                                                                     104

14Q....................... Interpretation................................................................... 104

Division 2—Prohibition and authorisation of departure of certain tax debtors               105

14R........................ Departure from Australia of certain tax debtors prohibited 105

14S........................ Departure prohibition orders........................................... 105

14T........................ Revocation and variation of departure prohibition orders 106

14U....................... Departure authorisation certificates................................. 108

Division 3—Appeals from, and review of, decisions of the Commissioner          110

14V....................... Appeals to courts against making of departure prohibition orders           110

14W....................... Jurisdiction of courts...................................................... 110

14X....................... Orders of court on appeal............................................... 110

14Y....................... Applications for review of certain decisions................... 111

Division 4—Enforcement                                                                                        112

14Z........................ Powers of authorised officers......................................... 112

14ZA..................... Certain tax debtors to produce authority to depart etc..... 113

Part IVC—Taxation objections, reviews and appeals                                 114

Division 1—Introduction                                                                                        114

14ZL...................... Part applies to taxation objections................................... 114

14ZM.................... Division 2—Interpretive................................................. 114

14ZN..................... Division 3—Taxation objections.................................... 114

14ZO..................... Division 4—Tribunal review.......................................... 114

14ZP...................... Division 5—Federal Court appeals................................. 114

Division 2—Interpretive provisions                                                                  115

14ZQ..................... General interpretation provisions.................................... 115

14ZR..................... Taxation decisions covered by single notice to be treated as single decision            116

14ZS...................... Ineligible income tax remission decisions....................... 117

Division 3—Taxation objections                                                                         118

14ZU..................... How taxation objections are to be made.......................... 118

14ZV..................... Limited objection rights in the case of certain amended taxation decisions               118

14ZVA.................. Limited objection rights because of other objections....... 118

14ZVB.................. Objections relating to excess concessional contributions 119

14ZVC.................. Objections relating to non‑concessional contributions.... 120

14ZW.................... When taxation objections are to be made........................ 121

14ZX..................... Commissioner to consider applications for extension of time  127

14ZY..................... Commissioner to decide taxation objections................... 128

14ZYA.................. Person may require Commissioner to make an objection decision           128

14ZYB.................. Requiring Commissioner to make a private ruling.......... 129

14ZZ...................... Person may seek review of, or appeal against, Commissioner’s decision                130

Division 4—AAT review of objection decisions and extension of time refusal decisions             132

14ZZA................... Modified AAT Act to apply........................................... 132

14ZZB................... Sections 27, 28, 41 and 44A of the AAT Act not to apply to certain decisions       132

14ZZC................... Modification of section 29 of the AAT Act.................... 132

14ZZD................... Modification of section 30 of the AAT Act.................... 133

14ZZE................... Hearings before Tribunal to be held in private if applicant so requests    133

14ZZF................... Modification of section 37 of the AAT Act.................... 133

14ZZG................... Modification of section 38 of the AAT Act.................... 135

14ZZJ.................... Modification of section 43 of the AAT Act.................... 135

14ZZK................... Grounds of objection and burden of proof..................... 136

14ZZL................... Implementation of Tribunal decisions............................. 136

14ZZM.................. Pending review not to affect implementation of taxation decisions          136

Division 5—Court appeals against objection decisions                          137

14ZZN................... Time limit for appeals..................................................... 137

14ZZO................... Grounds of objection and burden of proof..................... 137

14ZZP................... Order of court on objection decision............................... 137

14ZZQ................... Implementation of court order in respect of objection decision                137

14ZZR................... Pending appeal not to affect implementation of taxation decisions           138

14ZZS................... Transfer of certain proceedings to Family Court............. 138

Part V—Miscellaneous                                                                                                    141

15.......................... Appearance by Commissioner etc................................... 141

15A....................... Certification by Commissioner of copies of, and extracts from, documents             142

15B........................ Recoverable advances..................................................... 144

15C........................ Recoverable payments.................................................... 146

15D....................... Reports about recoverable advances and recoverable payments               147

16.......................... Payments out of Consolidated Revenue Fund................ 149

16A....................... Regulations may provide for methods of payment of tax liabilities etc.    150

16B........................ Certain liabilities to be reduced to nearest multiple of 5 cents.. 151

17.......................... Powers of taxation officers in relation to references to currency etc.        151

17A....................... Powers of Federal Court and Federal Circuit Court in respect of taxation matters   152

18.......................... Regulations..................................................................... 153

Schedule 1—Collection and recovery of income tax and other liabilities               154

Chapter 2—Collection, recovery and administration of income tax  154

Part 2‑1—Introduction to the Pay as you go (PAYG) system            154

Division 6Guide to Parts 2‑5 and 2‑10                                                          154

6‑1......................... What Parts 2‑5 and 2‑10 are about.................................. 154

6‑5......................... The Pay as you go (PAYG) system............................... 154

6‑10....................... How the amounts collected are dealt with....................... 155

Part 2‑5—Pay as you go (PAYG) withholding                                           156

Division 10Guide to Part 2‑5                                                                           156

10‑1....................... What this Part is about.................................................... 156

10‑5....................... Summary of withholding payments................................ 156

Division 11—Preliminary matters                                                                    159

11‑1....................... Object of this Part........................................................... 159

11‑5....................... Constructive payment..................................................... 159

Division 12—Payments from which amounts must be withheld                 161

Subdivision 12‑A—General rules                                                                       161

12‑1....................... General exceptions.......................................................... 161

12‑5....................... What to do if more than one provision requires a withholding 162

12‑7....................... Division does not apply to alienated personal services payments             164

12‑10..................... Division does not apply to non‑cash benefits................. 165

12‑20..................... Application of Division and regulations to non‑share dividends              165

Subdivision 12‑B—Payments for work and services                                    165

12‑35..................... Payment to employee...................................................... 165

12‑40..................... Payment to company director.......................................... 166

12‑45..................... Payment to office holder................................................. 166

12‑47..................... Payment to religious practitioners................................... 167

12‑50..................... Return to work payment................................................. 167

12‑55..................... Voluntary agreement to withhold.................................... 167

12‑60..................... Payment under labour hire arrangement, or specified by regulations       168

Subdivision 12‑C—Payments for retirement or because of termination of employment            169

12‑80..................... Superannuation income streams and annuities................ 169

12‑85..................... Superannuation lump sums and payments for termination of employment              169

12‑90..................... Unused leave payments.................................................. 169

Subdivision 12‑D—Benefit and compensation payments                             170

12‑110................... Social Security or other benefit payment......................... 170

12‑115................... Commonwealth education or training payment............... 171

12‑120................... Compensation, sickness or accident payment................. 171

Subdivision 12‑E—Payments where TFN or ABN not quoted                    171

Payment in respect of investment                                                                       172

12‑140................... Recipient does not quote tax file number........................ 172

12‑145................... Investor becoming presently entitled to income of a unit trust  173

12‑150................... Limited application of section 12‑140 to payment under financial arrangement       173

12‑155................... When investor may quote ABN as alternative................ 174

12‑160................... Investment body unaware that exemption from quoting TFN has stopped applying                175

12‑165................... Exception for fully franked dividend.............................. 175

12‑170................... Exception for payments below thresholds set by regulations 175

Payment of income of closely held trust where TFN not quoted                176

12‑175................... Trustee distributes income of closely held trust.............. 176

12‑180................... Beneficiary becomes presently entitled to income of closely held trust    178

12‑185................... Exception for payments below thresholds set by regulations 179

Payment for a supply                                                                                            179

12‑190................... Recipient does not quote ABN....................................... 179

Subdivision 12‑F—Dividend, interest and royalty payments                      182

Dividends           183

12‑210................... Dividend payment to overseas person............................ 183

12‑215................... Dividend payment received for foreign resident............. 184

12‑220................... Application to part of a dividend..................................... 184

12‑225................... Application to distribution by a liquidator or other person 184

Interest               185

12‑245................... Interest payment to overseas person............................... 185

12‑250................... Interest payment received for foreign resident................ 185

12‑255................... Interest payment derived by lender in carrying on business through overseas permanent establishment 186

12‑260................... Lender to notify borrower if interest derived through overseas permanent establishment        186

Royalties            187

12‑280................... Royalty payment to overseas person............................... 187

12‑285................... Royalty payment received for foreign resident................ 187

General              188

12‑300................... Limits on amount withheld under this Subdivision......... 188

Subdivision 12‑FA—Departing Australia superannuation payments       189

12‑305................... Departing Australia superannuation payment................. 189

12‑310................... Limits on amount withheld under this Subdivision......... 189

Subdivision 12‑FAA—Excess untaxed roll‑over amount                             189

12‑312................... Untaxed roll‑over superannuation benefits..................... 189

12‑313................... Limits on amount withheld under this Subdivision......... 190

Subdivision 12‑FB—Payments to foreign residents etc.                               190

12‑315................... Payment to foreign resident etc....................................... 190

12‑317................... Payment received for foreign resident etc....................... 192

12‑319................... Exemptions from withholding obligations under this Subdivision           193

Subdivision 12‑FC—Seasonal Labour Mobility Program                          194

12‑319A................ Payment to employee...................................................... 194

Subdivision 12‑G—Payments in respect of mining on Aboriginal land, and natural resources                194

Mining on Aboriginal land                                                                                  195

12‑320................... Mining payment.............................................................. 195

Natural resources                                                                                                   195

12‑325................... Natural resource payment............................................... 195

12‑330................... Payer must ask Commissioner how much to withhold... 196

12‑335................... Commissioner may exempt from section 12‑330, subject to conditions   197

Subdivision 12‑H—Distributions of withholding MIT income                   198

Guide to Subdivision 12‑H                                                                                   198

12‑375................... What this Subdivision is about....................................... 198

Operative provisions                                                                                             199

12‑383................... Meaning of withholding MIT.......................................... 199

12‑385................... Withholding by withholding MITs................................. 200

12‑390................... Withholding by custodians and other entities.................. 201

12‑395................... Requirement to give notice or make information available 206

12‑405................... Meaning of fund payment—general case........................ 208

12‑410................... Entity to whom payment is made.................................... 210

12‑415................... Failure to give notice or make information available: administrative penalty            210

12‑420................... Agency rules................................................................... 211

12‑425................... Meaning of clean building managed investment trust.... 211

12‑430................... Meaning of clean building.............................................. 212

Division 12A—Distributions by AMITs (including deemed payments)    214

Guide to Division 12A                                                                                           214

12A‑1.................... What this Division is about............................................. 214

Subdivision 12A‑A—Distributions by AMITs relating to dividend, interest and royalties          215

Guide to Subdivision 12A‑A                                                                                 215

12A‑5.................... What this Subdivision is about....................................... 215

Operative provisions                                                                                             215

12A‑10.................. Deemed payments—no obligation to withhold under Subdivision 12‑F (dividend, interest and royalty payments)....................................................................... 215

12A‑15.................. Dividend, interest or royalty payments relating to AMIT—requirement to give notice or make information available.......................................................................... 216

12A‑20.................. Failure to give notice or make information available under section 12A‑15: administrative penalty         219

12A‑25.................. Meaning of AMIT DIR payment..................................... 219

12A‑30.................. Meaning of AMIT dividend payment.............................. 220

12A‑35.................. Meaning of AMIT interest payment................................ 221

12A‑40.................. Meaning of AMIT royalty payment................................. 222

Subdivision 12A‑B—Distributions by AMITs relating to Subdivision 12‑H fund payments       223

Guide to Subdivision 12A‑B                                                                                 223

12A‑100................ What this Subdivision is about....................................... 223

Operative provisions                                                                                             223

12A‑105................ Deemed payments—no obligation to withhold under Subdivision 12‑H 223

12A‑110................ Meaning of fund payment—AMITs............................... 224

Subdivision 12A‑C—Deemed payments by AMITs etc.                                227

Guide to Subdivision 12A‑C                                                                                 227

12A‑200................ What this Subdivision is about....................................... 227

Operative provisions                                                                                             228

12A‑205................ Issue of AMMA statement etc. deemed to be payment... 228

12A‑210................ Post‑AMMA actual payment and pre‑AMMA actual payment in respect of deemed payment  230

12A‑215................ AMIT payment to the Commissioner in respect of deemed payments to offshore entities etc. 231

12A‑220................ Custodian payment to the Commissioner in respect of deemed payments to offshore entities etc.           232

Division 13—Alienated personal services payments                                     236

13‑1....................... Object of this Division.................................................... 236

13‑5....................... Payment to the Commissioner in respect of alienated personal services payments   236

13‑10..................... Alienated personal services payments............................. 239

13‑15..................... Personal services payment remitters............................... 240

13‑20..................... Time for payments to Commissioner for alienated personal services payments made during 2000‑01    241

Division 14—Non‑cash benefits, and accruing gains, for which amounts must be paid to the Commissioner       242

Subdivision 14‑A—Non‑cash benefits                                                               242

14‑1....................... Object of this Subdivision.............................................. 242

14‑5....................... Provider of non‑cash benefit must pay amount to the Commissioner if payment would be subject to withholding..................................................................... 242

14‑10..................... Dividend, interest or royalty received, for a foreign resident, in the form of a non‑cash benefit              243

14‑15..................... Payer can recover amount paid to the Commissioner...... 244

Subdivision 14‑B—Accruing gains                                                                    244

14‑50..................... Object of this Subdivision.............................................. 244

14‑55..................... Liability for TFN withholding tax................................... 245

14‑60..................... Investment body may recover TFN withholding tax from investor          246

14‑65..................... Application of rules in Division 18................................. 246

14‑75..................... Overpayment of TFN withholding tax............................ 247

14‑85..................... Other laws do not exempt from TFN withholding tax.... 247

Subdivision 14‑C—Shares and rights under employee share schemes     248

14‑155................... Liability for TFN withholding tax (ESS)........................ 248

14‑160................... Employer may give individual tax file numbers to provider 249

14‑165................... Provider may recover TFN withholding tax (ESS) from individual         250

14‑170................... Application of rules in Division 18................................. 250

14‑175................... Overpayment of TFN withholding tax (ESS)................. 250

14‑180................... Application of certain provisions of Division 83A of the Income Tax Assessment Act 1997  250

Subdivision 14‑D—Capital proceeds involving foreign residents and taxable Australian property        251

14‑200................... Certain acquisitions of taxable Australian property from foreign residents              251

14‑205................... Effect of look‑through earnout rights.............................. 252

14‑210................... Whether an entity is a relevant foreign resident............... 253

14‑215................... Excluded transactions..................................................... 255

14‑220................... Commissioner clearance certificates................................ 257

14‑225................... Entity declarations........................................................... 258

14‑230................... Administrative penalties for false or misleading declarations 258

14‑235................... Varying amounts to be paid to the Commissioner.......... 260

Division 15—Working out the amount to withhold                                       261

Guide to Division 15                                                                                              261

15‑1....................... What this Division is about............................................. 261

Subdivision 15‑A—Working out how much to withhold                              261

15‑10..................... How much to withhold................................................... 262

15‑15..................... Variation of amounts required to be withheld................. 262

Subdivision 15‑B—Withholding schedules and regulations                        263

15‑25..................... Commissioner’s power to make withholding schedules. 263

15‑30..................... Matters to be considered when making withholding schedules                264

15‑35..................... Regulations about withholding....................................... 265

Subdivision 15‑C—Declarations                                                                        266

15‑50..................... Declarations.................................................................... 266

Division 16—Payer’s obligations and rights                                                   268

Guide to Division 16                                                                                              268

16‑1....................... What this Division is about............................................. 268

Subdivision 16‑A—To withhold                                                                          268

When to withhold                                                                                                    269

16‑5....................... When to withhold an amount.......................................... 269

16‑7....................... Treat entity obliged to pay under Subdivision 12A‑C as having withheld amount under Division 12     269

16‑20..................... Payer discharged from liability to recipient for amount withheld             270

Penalties for not withholding                                                                              270

16‑25..................... Failure to withhold: offence............................................ 270

16‑30..................... Failure to withhold: administrative penalty for entity other than exempt Australian government agency 271

16‑35..................... Failure to withhold: administrative penalty for exempt Australian government agency in relation to payment other than dividend, interest or royalty............................ 271

16‑40..................... Failure to withhold: administrative penalty for exempt Australian government agency in relation to dividend, interest or royalty payment.............................................. 272

16‑43..................... Failure to withhold: administrative penalty for exempt Australian government agency in relation to payment to foreign resident etc.......................................................... 273

Subdivision 16‑B—To pay withheld amounts to the Commissioner         273

When and how to pay amounts to the Commissioner                                    274

16‑70..................... Entity to pay amounts to Commissioner......................... 274

16‑75..................... When amounts must be paid to Commissioner............... 274

16‑80..................... Penalty for failure to pay within time.............................. 276

16‑85..................... How amounts are to be paid........................................... 276

Who is a large, medium or small withholder                                                  277

16‑95..................... Meaning of large withholder.......................................... 277

16‑100................... Meaning of medium withholder...................................... 278

16‑105................... Meaning of small withholder.......................................... 279

16‑110................... Commissioner may vary withholder’s status downwards 279

16‑115................... Commissioner may vary withholder’s status upwards... 279

Subdivision 16‑BA—To be registered                                                               281

Registration of withholders                                                                                 281

16‑140................... Withholders must be registered....................................... 281

16‑141................... Registration and cancellation........................................... 282

Branch registration                                                                                               282

16‑142................... Branches may be registered............................................ 282

16‑143................... Separate amounts for entities and branches..................... 283

16‑144................... Cancellation of branch registration.................................. 284

16‑145................... Effect on branches of cancelling the entity’s registration 284

Subdivision 16‑C—To provide information                                                   284

To the Commissioner                                                                                            285

16‑150................... Commissioner must be notified of amounts.................... 285

16‑152................... Annual reports—Withholding payments covered by section 12‑175       285

16‑153................... Annual reports—other payments.................................... 286

To recipients of withholding payments                                                             289

16‑155................... Annual payment summary.............................................. 289

16‑156................... Annual payment summary for sections 12‑175 and 12‑180 291

16‑157................... Payment summary for Subdivision 12‑H....................... 291

16‑160................... Part‑year payment summary........................................... 292

16‑165................... Payment summaries for superannuation lump sums and payments for termination of employment         293

16‑166................... Payment summary for a departing Australia superannuation payment     293

16‑167................... Payment summary for payment to recipient who does not quote ABN    294

16‑170................... Form and content of payment summary.......................... 294

16‑175................... Penalty for not providing payment summary.................. 296

16‑180................... Commissioner may exempt entity from giving payment summary           296

16‑182................... Definition of reportable employer superannuation contribution             296

Subdivision 16‑D—Additional rights and obligations of entity that makes a payment                298

16‑195................... Payer’s right to recover amounts of penalty: certain withholding taxes    298

Division 18—Recipient’s entitlements and obligations                                 299

Subdivision 18‑A—Crediting withheld amounts                                            299

Guide to Subdivision 18‑A                                                                                    299

18‑1....................... What this Subdivision is about....................................... 299

General exception                                                                                                  300

18‑5....................... No credit for refunded amount........................................ 300

Entitlement to credits: income tax liability                                                     301

18‑10..................... Application of sections 18‑15, 18‑20 and 18‑25............. 301

18‑15..................... Tax credit for recipient of withholding payments............ 301

18‑20..................... Tax credit where recipient is a partnership...................... 302

18‑25..................... Tax credit where recipient is a trust................................. 303

18‑27..................... Tax credit for alienated personal services payments........ 305

Entitlement to credits: dividend, interest or royalty, amount attributable to fund payment or Seasonal Labour Mobility Program                                                                    305

18‑30..................... Credit: dividend, interest or royalty................................. 305

18‑32..................... Credit: amount attributable to fund payment................... 306

18‑33..................... Credit: Seasonal Labour Mobility Program.................... 307

18‑35..................... Credit: penalty under section 12‑415, 16‑30, 16‑35 or 16‑40 or related general interest charge               307

18‑40..................... Credit: liability under Part 4‑25....................................... 309

Entitlement to credit: departing Australia superannuation payment       310

18‑42..................... Credit—departing Australia superannuation payment..... 310

Entitlement to credit: mining payment                                                             311

18‑45..................... Credit—mining payment................................................. 311

Entitlement to credit: Petroleum resource rent tax                                       312

18‑55..................... Credit—Natural resource payments................................ 312

Subdivision 18‑B—Refund of certain withheld amounts                             313

18‑65..................... Refund of withheld amounts by the payer to the recipient 313

18‑70..................... Refund of withheld amounts by the Commissioner to the recipient         316

18‑80..................... Refund by Commissioner of amount withheld from payment in respect of investment           318

Subdivision 18‑C—Recipient’s obligations                                                      319

18‑100................... Obligation to keep payment summary............................. 319

Subdivision 18‑D—Directors etc. of non‑complying companies                319

Object of Subdivision                                                                                            320

18‑120................... Object of Subdivision..................................................... 320

PAYG withholding non‑compliance tax                                                           320

18‑125................... Directors of non‑complying companies.......................... 320

18‑130................... Directors of non‑complying companies—tax reduced in certain circumstances       322

18‑135................... Associates of directors of non‑complying companies..... 324

18‑140................... Notices............................................................................ 327

18‑145................... When PAYG withholding non‑compliance tax must be paid.. 329

18‑150................... General interest charge payable on unpaid PAYG withholding non‑compliance tax               329

18‑155................... Validity of decisions and evidence.................................. 330

18‑160................... Rights of indemnity and contribution.............................. 330

Credits for later compliance                                                                               331

18‑165................... Credits for later compliance—scope............................... 331

18‑170................... Credits for later compliance—Commissioner must give notice in certain circumstances          332

18‑175................... Credits for later compliance—Commissioner may give notice 334

18‑180................... Effect of earlier credits.................................................... 335

Other provisions                                                                                                     335

18‑185................... When Commissioner may give notice............................. 335

18‑190................... Review of decisions........................................................ 337

Division 20—Other matters                                                                                 338

Subdivision 20‑B—Offences                                                                                338

20‑35..................... Offences......................................................................... 338

20‑40..................... Joining of charges........................................................... 339

20‑45..................... Offences that would otherwise be committed by a partnership or unincorporated company    340

Subdivision 20‑D—Review of decisions                                                            341

20‑80..................... Reviewable decisions...................................................... 341

Division 21—Entitlements relating to insolvent ADIs and general insurers 343

Guide to Division 21                                                                                              343

21‑1....................... What this Division is about............................................. 343

Subdivision 21‑A—Treatment of some payments by APRA                       343

21‑5....................... APRA treated like ADI or general insurance company.. 343

Part 2‑10—Pay as you go (PAYG) instalments                                          345

Division 45—Instalment payments                                                                    345

Guide to Division 45                                                                                              346

45‑1....................... What this Division is about............................................. 346

Subdivision 45‑A—Basic rules                                                                            347

45‑5....................... Object of this Part........................................................... 347

45‑10..................... Application of Part.......................................................... 349

45‑15..................... Liability for instalments.................................................. 349

45‑20..................... Information to be given to the Commissioner by certain payers               350

45‑25..................... Penalty for failure to notify Commissioner..................... 350

45‑30..................... Credit for instalments payable......................................... 351

Subdivision 45‑B—When instalments are due                                                352

45‑50..................... Liability to pay instalments............................................. 352

45‑60..................... Meaning of instalment quarter....................................... 353

45‑61..................... When quarterly instalments are due—payers of quarterly instalments     353

45‑65..................... Meaning of instalment month......................................... 354

45‑67..................... When monthly instalments are due—payers of monthly instalments       355

45‑70..................... When annual instalments are due.................................... 355

45‑72..................... Means of payment of instalment..................................... 356

45‑75..................... Instalments recoverable in same way as income tax........ 356

45‑80..................... General interest charge on late payment.......................... 356

45‑90..................... Commissioner may withdraw instalment rate................. 356

Subdivision 45‑C—Working out instalment amounts                                   357

45‑110................... How to work out amount of quarterly instalment on instalment income basis         357

45‑112................... Amount of instalment for quarterly payer who pays on basis of GDP‑adjusted notional tax   358

45‑114................... How to work out amount of monthly instalment............ 359

45‑115................... How to work out amount of annual instalment............... 360

45‑120................... Meaning of instalment income........................................ 361

Subdivision 45‑D—Quarterly payers                                                                365

45‑125................... Quarterly payer who pays instalments on the basis of instalment income                365

45‑130................... Quarterly payer who pays on the basis of GDP‑adjusted notional tax     367

45‑132................... Quarterly payer who pays 4 instalments annually on the basis of GDP‑adjusted notional tax 369

45‑134................... Quarterly payer who pays 2 instalments annually on the basis of GDP‑adjusted notional tax 370

Subdivision 45‑DA—Monthly payers                                                                371

45‑136................... Monthly payer................................................................ 371

45‑138................... Monthly payer requirement............................................. 372

Subdivision 45‑E—Annual payers                                                                     374

When you start and stop being an annual payer                                            374

45‑140................... Choosing to pay annual instalments................................ 374

45‑145................... Meaning of instalment group......................................... 376

45‑150................... Entity stops being annual payer if involved with GST registration or instalment group           377

45‑155................... Entity stops being annual payer if notional tax is $8,000 or more, or entity chooses to pay quarterly      378

45‑160................... Head company of a consolidated group stops being annual payer           378

Subdivision 45‑F—Varying the instalment rate for quarterly or monthly payers who pay on the basis of instalment income                                                                                         379

45‑200................... Application..................................................................... 379

45‑205................... Choosing a varied instalment rate................................... 380

45‑210................... Notifying Commissioner of varied instalment rate.......... 381

45‑215................... Credit on using varied rate in certain cases..................... 381

Subdivision 45‑G—General interest charge payable in certain cases if instalments are too low              382

45‑225................... Effect of Subdivision in relation to monthly payers........ 382

45‑230................... Liability to GIC on shortfall in quarterly instalment worked out on the basis of varied rate     382

45‑232................... Liability to GIC on shortfall in quarterly instalment worked out on the basis of estimated benchmark tax........................................................................................ 384

45‑233................... Reduction in GIC liability under section 45‑232 if shortfall is made up in later instalment      393

45‑235................... Liability to GIC on shortfall in annual instalment........... 394

45‑240................... Commissioner may remit general interest charge............ 396

Subdivision 45‑H—Partnership income                                                           396

45‑260................... Instalment income for a period in which you are in a partnership            396

Subdivision 45‑I—Trust income included in instalment income of beneficiary            397

45‑280................... Instalment income for a period in which you are a beneficiary of a trust  397

45‑285................... Instalment income includes distributions by certain resident unit trusts   400

45‑286................... Instalment income includes distributions by certain managed investment trusts       401

45‑287................... When trusts are disqualified due to concentrated ownership 402

45‑288................... Resident investment trusts for beneficiaries who are absolutely entitled  404

45‑290................... Exceptions to exclusion of trust capital gains from beneficiary’s instalment income                404

Subdivision 45‑J—How Commissioner works out your instalment rate and notional tax          405

45‑320................... Working out instalment rate............................................ 405

45‑325................... Working out your notional tax........................................ 406

45‑330................... Working out your adjusted taxable income.................... 407

45‑335................... Working out your adjusted withholding income............. 410

45‑340................... Adjusted tax on adjusted taxable income or on adjusted withholding income           410

Subdivision 45‑K—How Commissioner works out your benchmark instalment rate and benchmark tax             413

45‑355................... When Commissioner works out benchmark instalment rate and benchmark tax      413

45‑360................... How Commissioner works out benchmark instalment rate 414

45‑365................... Working out your benchmark tax................................... 414

45‑370................... Working out your adjusted assessed taxable income for the variation year             415

45‑375................... Adjusted assessed tax on adjusted assessed taxable income 416

Subdivision 45‑L—How Commissioner works out amount of quarterly instalment on basis of GDP‑adjusted notional tax                                                                                                 418

45‑400................... Working out amount of instalment—payers of 4 quarterly instalments    418

45‑402................... Working out amount of instalment—payers of 2 quarterly instalments    420

45‑405................... Working out your GDP‑adjusted notional tax................ 422

Subdivision 45‑M—How amount of quarterly instalment is worked out on basis of your estimate of your benchmark tax                                                                                                 424

45‑410................... Working out amount of instalment—payers of 4 quarterly instalments    424

45‑412................... Working out amount of instalment—payers of 2 quarterly instalments    426

45‑415................... Estimating your benchmark tax....................................... 428

45‑420................... Credit in certain cases where amount of instalment is nil 429

Subdivision 45‑N—How this Part applies to the trustee of a trust             429

Trustees to whom this Part applies                                                                    430

45‑450................... Trustees to whom a single instalment rate is given......... 430

45‑455................... Trustees to whom several instalment rates are given....... 430

45‑460................... Rest of Subdivision applies only to multi‑rate trustees... 431

45‑465................... Meaning of instalment income........................................ 432

45‑468................... Multi‑rate trustee may pay quarterly instalments............. 432

How Commissioner works out instalment rate and notional tax for a multi‑rate trustee            432

45‑470................... Working out instalment rate............................................ 432

45‑473................... Commissioner must notify you of notional tax............... 433

45‑475................... Working out your notional tax........................................ 434

45‑480................... Working out your adjusted taxable income.................... 434

45‑483................... Meaning of reduced beneficiary’s share and reduced no beneficiary’s share         435

45‑485................... Working out your adjusted withholding income............. 435

How Commissioner works out benchmark instalment rate and benchmark tax for a multi‑rate trustee                436

45‑525................... When Commissioner works out benchmark instalment rate and benchmark tax      436

45‑530................... How Commissioner works out benchmark instalment rate 437

45‑535................... Working out your benchmark tax................................... 437

Subdivision 45‑P—Anti‑avoidance rules                                                          438

45‑595................... Object of this Subdivision.............................................. 438

45‑597................... Effect of Subdivision in relation to instalment months.... 439

45‑600................... General interest charge on tax benefit relating to instalments 439

45‑605................... When do you get a tax benefit from a scheme?............... 441

45‑610................... What is your tax position for an income year?................ 441

45‑615................... What is your hypothetical tax position for an income year? 444

45‑620................... Amount on which GIC is payable, and period for which it is payable     444

45‑625................... Credit if you also got a tax detriment from the scheme... 445

45‑630................... When do you get a tax detriment from a scheme?........... 446

45‑635................... No tax benefit or detriment results from choice for which income tax law expressly provides                447

45‑640................... Commissioner may remit general interest charge in special cases            449

Subdivision 45‑Q—General rules for consolidated groups                         449

Guide to Subdivision 45‑Q                                                                                   449

45‑700................... What this Subdivision is about....................................... 449

Application of Subdivision                                                                                   450

45‑703................... Effect of this Subdivision and Subdivision 45‑R in relation to monthly payers       450

45‑705................... Application of Subdivision to head company................. 451

Usual operation of this Part for consolidated group members                  455

45‑710................... Single entity rule............................................................. 455

45‑715................... When instalments are due—modification of section 45‑61 456

45‑720................... Head company cannot be an annual payer—modification of section 45‑140           456

Membership changes                                                                                             456

45‑740................... Change of head company................................................ 456

45‑755................... Entry rule (for an entity that becomes a subsidiary member of a consolidated group)              459

45‑760................... Exit rule (for an entity that ceases to be a subsidiary member of a consolidated group)           460

45‑775................... Commissioner’s power to work out different instalment rate or GDP‑adjusted notional tax   462

Subdivision 45‑R—Special rules for consolidated groups                           464

Guide to Subdivision 45‑R                                                                                    464

45‑850................... What this Subdivision is about....................................... 464

Operative provisions                                                                                             465

45‑855................... Section 701‑1 disregarded for certain purposes.............. 465

45‑860................... Member having a different instalment period.................. 465

45‑865................... Credit rule....................................................................... 467

45‑870................... Head company’s liability to GIC on shortfall in quarterly instalment       468

45‑875................... Other rules about the general interest charge................... 471

45‑880................... Continued application of Subdivision 45‑Q to the head company of an acquired group          472

45‑885................... Early application of Subdivision 45‑Q to the head company of a new group           474

Subdivision 45‑S—MEC groups                                                                         476

Guide to Subdivision 45‑S                                                                                    476

45‑900................... What this Subdivision is about....................................... 476

Preliminary      477

45‑905................... Objects of Subdivision................................................... 477

General modification rules                                                                                  477

45‑910................... Extended operation of Part to cover MEC groups.......... 477

Extended operation of Subdivision 45‑Q                                                         478

45‑913................... Sections 45‑705 and 45‑740 do not apply to members of MEC groups  478

45‑915................... Application of Subdivision 45‑Q to provisional head company               478

45‑917................... Assumption for applying section 45‑710 (single entity rule) 482

45‑920................... Change of provisional head company............................. 483

45‑922................... Life insurance company.................................................. 486

Extended operation of Subdivision 45‑R                                                          486

45‑925................... Additional modifications of sections 45‑855 and 45‑860 486

45‑930................... Modifications of sections 45‑865 and 45‑870 and a related provision     486

45‑935................... Additional modifications of section 45‑885.................... 487

Part 2‑15—Returns and assessments                                                               488

Division 70Tax receipts                                                                                    488

Guide to Division 70                                                                                              488

70‑1....................... What this Division is about............................................. 488

Subdivision 70‑A—Tax receipts                                                                         488

70‑5....................... Tax receipt to be provided to certain individual taxpayers 489

Part 2‑30—Collecting Medicare levy with income tax                           491

Division 90Medicare levy and Medicare levy surcharge                        491

Subdivision 90‑A—Treatment like income tax                                               491

90‑1....................... Laws apply in relation to Medicare levy and Medicare levy surcharge as they apply in relation to income tax........................................................................................ 491

Part 2‑35—Excess superannuation contributions                                     492

Division 95—Excess concessional contributions charge                              492

Guide to Division 95                                                                                              492

95‑1....................... What this Division is about............................................. 492

Subdivision 95‑A—Object of Division                                                              492

95‑5....................... Object of Division.......................................................... 492

Subdivision 95‑B—Excess concessional contributions charge                   493

95‑10..................... Liability to excess concessional contributions charge..... 493

95‑15..................... Amount of excess concessional contributions charge..... 494

95‑20..................... When excess concessional contributions charge is due and payable        494

95‑25..................... General interest charge.................................................... 495

Division 96—Releasing money from superannuation                                  496

Subdivision 96‑A—Releasing money from superannuation                       496

Guide to Subdivision 96‑A                                                                                    496

96‑1....................... What this Subdivision is about....................................... 496

Requesting a release authority                                                                            497

96‑5....................... Electing to release excess concessional contributions..... 497

96‑7....................... Electing to release non‑concessional contributions etc.... 499

Issuing a release authority to superannuation provider                              501

96‑10..................... Release authorities for elections under section 96‑5........ 501

96‑12..................... Release authorities for elections under section 96‑7........ 502

96‑15..................... Varying and revoking a release authority........................ 502

Complying with a release authority                                                                  502

96‑20..................... Obligations of superannuation providers........................ 502

96‑25..................... Voluntary compliance with a release authority relating to voluntary release interests and defined benefit interests........................................................................... 504

96‑30..................... Meaning of maximum available release amount............ 504

96‑35..................... Notifying Commissioner................................................ 504

96‑40..................... Notifying individual—unsuccessful release attempt....... 505

96‑42..................... Notifying individual—successful releases under section 96‑12               506

96‑45..................... Compensation for acquisition of property....................... 506

Consequences of releasing amounts                                                                  506

96‑50..................... Entitlement to credits....................................................... 506

96‑55..................... Interest for late payments of money received by the Commissioner in accordance with release authority........................................................................................ 507

96‑60..................... Income tax treatment of amounts released—proportioning rule does not apply       507

Division 97—Excess contributions determinations                                       508

Subdivision 97‑A—Excess concessional contributions determinations    508

Guide to Subdivision 97‑A                                                                                    508

97‑1....................... What this Subdivision is about....................................... 508

Operative provisions                                                                                             508

97‑5....................... Determination of excess concessional contributions and charge              508

97‑10..................... Review............................................................................ 509

Subdivision 97‑B—Excess non‑concessional contributions determinations 509

Guide to Subdivision 97‑B                                                                                    509

97‑20..................... What this Subdivision is about....................................... 509

Operative provisions                                                                                             510

97‑25..................... Excess non‑concessional contributions determinations... 510

97‑30..................... Associated earnings........................................................ 511

97‑35..................... Review............................................................................ 512

 


An Act to provide for the administration of certain Acts relating to Taxation, and for purposes connected therewith

Part IPreliminary

  

1  Short title

                   This Act may be cited as the Taxation Administration Act 1953.

2  Interpretation

             (1)  In this Act (except Schedule 1), unless the contrary intention appears:

approved form has the meaning given by Schedule 1.

ASIO means the Australian Security Intelligence Organisation.

assessable amount has the meaning given by subsection 155‑5(2) in Schedule 1.

Australia, when used in a geographical sense, has the same meaning as in the Income Tax Assessment Act 1997.

Commissioner means the Commissioner of Taxation.

Deputy Commissioner means any Deputy Commissioner of Taxation.

Director‑General of Security means the Director‑General of Security holding office under the Australian Security Intelligence Organisation Act 1979.

engage in conduct means:

                     (a)  do an act; or

                     (b)  omit to perform an act.

excess concessional contributions determination has the same meaning as in subsection 995‑1(1) of the Income Tax Assessment Act 1997.

excise law has the meaning given by the Income Tax Assessment Act 1997.

exempt Australian government agency has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

failure to notify penalty means the penalty worked out under Division 2 of Part IIA.

fuel tax law has the meaning given by the Fuel Tax Act 2006.

general interest charge means the charge worked out under Part IIA.

Immigration Department has the meaning given by the Income Tax Assessment Act 1997.

Immigration Secretary has the meaning given by the Income Tax Assessment Act 1997.

indirect tax law has the meaning given by the Income Tax Assessment Act 1997.

ineligible income tax remission decision has the meaning given by section 14ZS.

late reconciliation statement penalty means the penalty worked out under Division 3 of Part IIA.

migration officer means:

                     (a)  the Immigration Secretary; or

                     (b)  an employee of the Immigration Department.

objection decision has the meaning given by subsection 14ZY(2).

officer means a person appointed or engaged under the Public Service Act 1999.

private indirect tax ruling means a private ruling, to the extent that it relates to an indirect tax law (other than the fuel tax law).

private ruling has the meaning given by section 359‑5 in Schedule 1.

registered tax agent or BAS agent has the same meaning as in the Tax Agent Services Act 2009.

Second Commissioner means a Second Commissioner of Taxation.

taxation law has the meaning given by the Income Tax Assessment Act 1997.

Note:          See also subsection (2).

tax liability means a liability to the Commonwealth arising under, or by virtue of, a taxation law.

Tribunal means the Administrative Appeals Tribunal.

             (2)  Despite the definition of taxation law in subsection (1), an Excise Act (as defined in subsection 4(1) of the Excise Act 1901) is not a taxation law for the purposes of Part III of this Act.

2A  Application of the Criminal Code

                   Chapter 2 of the Criminal Code applies to all offences against this Act.

Note:          Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

2B  Act binds the Crown

                   This Act binds the Crown in each of its capacities. However, it does not make the Crown liable to a pecuniary penalty or to be prosecuted for an offence.

3  Application

                   This Act extends to every external Territory referred to in the definition of Australia.

3AA  Schedule 1

             (1)  Schedule 1 has effect.

Definitions in Schedule 1 do not apply to rest of Act

          (1A)  So far as a provision in Schedule 1 gives an expression a particular meaning, the provision does not also have effect for the purposes of this Act (other than Schedule 1), except as provided in this Act (other than Schedule 1).

Application of interpretation provisions of Income Tax Assessment Act 1997

             (2)  An expression has the same meaning in Schedule 1 as in the Income Tax Assessment Act 1997.

             (3)  Division 950 of the Income Tax Assessment Act 1997 (which contains rules for interpreting that Act) applies to Schedule 1 to this Act as if the provisions in that Schedule were provisions of that Act.

Part IAAdministration

  

3A  General administration of Act

                   The Commissioner has the general administration of this Act.

Note:          An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1.

3B  Annual report

             (1)  The Commissioner shall, as soon as practicable after 30 June in each year, prepare and furnish to the Minister a report on the working of this Act.

       (1AA)  A report under subsection (1) in relation to a year ending on 30 June shall:

                     (b)  set out:

                              (i)  the number of occasions (if any) during the year on which a request was made to disclose information under subsection 355‑55(1) in Schedule 1 (about disclosures to Ministers); and

                             (ii)  the number of occasions (if any) during the year on which information was disclosed under that subsection; and

                            (iii)  the Ministers to whom the information was disclosed; and

                     (c)  set out:

                              (i)  the number of occasions (if any) during the year on which a request was made to disclose information under subsection 355‑70(1) in Schedule 1 (about disclosures for law enforcement and related purposes); and

                             (ii)  the number of occasions (if any) during the year on which information was disclosed under that subsection; and

                            (iii)  the types of entities and the names of the courts and tribunals to which the information was disclosed; and

                            (iv)  if the information was disclosed under table item 1 or 6 in subsection 355‑70(1)—the general categories of offences in relation to which the information was disclosed; and

                     (d)  set out the number (if any) of *taxation officers found guilty of the offence in section 355‑25 in Schedule 1 (about disclosure of protected information).

          (1B)  Subsection (1) does not apply in relation to Part III and sections 15 and 15A insofar as that Part and those sections apply in relation to the Development Allowance Authority Act 1992.

          (1C)  Subsection (1) does not apply in relation to sections 3D and 3E, Part III and sections 15 and 15A insofar as that Part and those sections apply in relation to the Tax Agent Services Act 2009.

             (2)  The Minister shall cause a copy of a report furnished under subsection (1) to be laid before each House of the Parliament within 15 sitting days of that House after the day on which the Minister receives the report.

             (3)  For the purposes of section 34C of the Acts Interpretation Act 1901, a report that is required by subsection (1) to be furnished as soon as practicable after 30 June in a year shall be taken to be a periodic report relating to the working of this Act during the year ending on that 30 June.

             (4)  In this section:

this Act does not include Part IVC.

3C  Reporting of information about corporate tax entity with reported total income of $100 million or more

             (1)  This section applies to a corporate tax entity for an income year if, according to information reported to the Commissioner in the entity’s income tax return for the income year:

                     (a)  the entity has total income equal to or exceeding $100 million for the income year and, at the end of the income year:

                              (i)  the entity is not an Australian resident that is a private company for the income year; or

                             (ii)  the entity is a member of a wholly‑owned group that has a foreign resident ultimate holding company; or

                            (iii)  the percentage of foreign shareholding in the entity is greater than 50%; or

                     (b)  the entity has total income equal to or exceeding $200 million for the income year and, at the end of the income year, the entity is an Australian resident that is a private company for the income year.

An expression used in this subsection that is also used in the Income Tax Assessment Act 1997 has the same meaning as in that Act.

             (2)  The Commissioner must, as soon as practicable after the end of the income year, make publicly available the information mentioned in subsection (3).

             (3)  The information is as follows:

                     (a)  the entity’s ABN (within the meaning of the Income Tax Assessment Act 1997) and name;

                     (b)  the entity’s total income for the income year, according to information reported to the Commissioner in the entity’s income tax return (within the meaning of that Act) for the income year;

                     (c)  the entity’s taxable income or net income (if any) for the income year, according to information reported to the Commissioner in that income tax return;

                     (d)  the entity’s income tax payable (if any) for the financial year corresponding to the income year, according to information reported to the Commissioner in that income tax return.

             (4)  Subsection (5) applies if:

                     (a)  the entity gives the Commissioner a notice in writing that the return mentioned in paragraph (3)(b) contains an error; and

                     (b)  the notice contains information that corrects the error.

             (5)  The Commissioner may at any time make the information mentioned in paragraph (4)(b) publicly available, in accordance with subsection (2), in order to correct the error.

             (6)  To avoid doubt, if the Commissioner considers that information made publicly available under subsection (2) fails to reflect all of the information required to be made publicly available under that subsection, the Commissioner may at any time make publicly available other information in order to remedy the failure.

3CA  Reporting of information by significant global entities

             (1)  This section applies to a corporate tax entity for an income year if:

                     (a)  the entity is a significant global entity for the income year; and

                     (b)  at the end of the income year, the entity is:

                              (i)  an Australian resident; or

                             (ii)  a foreign resident who operates an Australian permanent establishment (within the meaning of Part IVA of the Income Tax Assessment Act 1936); and

                     (c)  the entity does not lodge a general purpose financial statement for the financial year most closely corresponding to the income year:

                              (i)  with the Australian Securities and Investments Commission; and

                             (ii)  within the time provided under subsection 319(3) of the Corporations Act 2001 for lodgement of a report for that financial year.

             (2)  A corporate tax entity to which this section applies for an income year must, on or before the day by which the entity is required to lodge its income tax return for the income year with the Commissioner, give to the Commissioner a general purpose financial statement for the financial year most closely corresponding to the income year.

Note:          Section 286‑75 in Schedule 1 provides an administrative penalty for breach of this subsection.

             (3)  The Commissioner must give a copy of the statement to the Australian Securities and Investments Commission.

             (4)  The giving of the copy to the Australian Securities and Investments Commission under subsection (3) is taken, for the purposes of the Corporations Act 2001, to be lodgement of the document with the Australian Securities and Investments Commission.

Note:          Under section 1274 of the Corporations Act 2001, a person may inspect, and require to be given a copy or extract of, any document lodged with the Australian Securities and Investments Commission.

             (5)  For the purposes of this section, a general purpose financial statement in relation to an entity:

                     (a)  must be prepared in accordance with:

                              (i)  the accounting principles; or

                             (ii)  if accounting principles do not apply in relation to the entity—commercially accepted principles relating to accounting; and

                     (b)  if the entity is a member of a group of entities that are consolidated for accounting purposes as a single group—must relate to:

                              (i)  the entity; or

                             (ii)  the entity and some or all of the other members of the group.

             (6)  An expression used in this section that is also used in the Income Tax Assessment Act 1997 has the same meaning as in that Act.

3E  Reporting of information about entity with PRRT payable

             (1)  This section applies to an entity if the entity has an amount of PRRT payable for a year of tax, according to information reported to the Commissioner in the entity’s PRRT return for the year of tax.

             (2)  The Commissioner must, as soon as practicable after the end of the year of tax, make publicly available the information mentioned in subsection (3).

             (3)  The information is as follows:

                     (a)  the entity’s ABN (within the meaning of the Income Tax Assessment Act 1997) and name;

                     (b)  the PRRT payable by the entity in respect of the year of tax, according to information reported to the Commissioner in the entity’s PRRT return for the year of tax.

             (4)  Subsection (5) applies if:

                     (a)  the entity gives the Commissioner a notice in writing that the return mentioned in paragraph (3)(b) contains an error; and

                     (b)  the notice contains information that corrects the error.

             (5)  The Commissioner may at any time make the information mentioned in paragraph (4)(b) publicly available, in accordance with subsection (2), in order to correct the error.

             (6)  To avoid doubt, if the Commissioner considers that information made publicly available under subsection (2) fails to reflect all of the information required to be made publicly available under that subsection, the Commissioner may at any time make publicly available other information in order to remedy the failure.

             (7)  In this section:

PRRT return means a return under section 59 or 60 of the Petroleum Resource Rent Tax Assessment Act 1987.

year of tax has the meaning given by the Petroleum Resource Rent Tax Assessment Act 1987.

Part IICommissioner of Taxation, Second Commissioner of Taxation and Deputy Commissioner of Taxation

  

4  Commissioner and Second Commissioners of Taxation

                   There shall be a Commissioner of Taxation and 3 Second Commissioners of Taxation, who shall be appointed by the Governor‑General.

4A  Statutory Agency etc. for purposes of Public Service Act

             (1)  The staff necessary to assist the Commissioner are to be persons engaged under the Public Service Act 1999.

             (2)  For the purposes of the Public Service Act 1999:

                     (a)  the Commissioner and the APS employees assisting the Commissioner together constitute a Statutory Agency; and

                     (b)  the Commissioner is the Head of that Statutory Agency.

5  Tenure of Commissioner and Second Commissioners

             (1)  The Commissioner of Taxation and each Second Commissioner of Taxation shall be appointed for terms of 7 years respectively and shall be eligible for re‑appointment.

             (3)  The Commissioner of Taxation and the Second Commissioners of Taxation are not subject to the Public Service Act 1999.

5A  Remuneration and allowances of Commissioner and Second Commissioners

             (1)  The Commissioner of Taxation and the Second Commissioners of Taxation shall be paid such remuneration as is determined by the Remuneration Tribunal but, if no determination of that remuneration by the Tribunal is in operation, they shall be paid remuneration at the respective rates that were applicable immediately before the commencement of this section.

             (2)  The Commissioner of Taxation and the Second Commissioners of Taxation shall be paid such allowances as are prescribed.

             (3)  This section has effect subject to the Remuneration Tribunal Act 1973.

6  Leave of absence

             (1)  The Commissioner and a Second Commissioner have such recreation leave entitlements as are determined by the Remuneration Tribunal.

             (2)  The Minister may grant the Commissioner and a Second Commissioner leave of absence, other than recreation leave, on such terms and conditions as to remuneration or otherwise as the Minister determines.

6A  Resignation

                   The Commissioner or a Second Commissioner may resign his or her office by writing signed by the Commissioner or Second Commissioner, as the case may be, and delivered to the Governor‑General.

6B  Acting appointments

             (1)  The Minister may appoint a person to act in the office of Commissioner of Taxation:

                     (a)  during a vacancy in that office; or

                     (b)  during any period, or during all periods, when the person holding that office is absent from duty or from Australia or is, for any other reason, unable to perform the functions of that office.

Note:          For rules that apply to acting appointments, see section 33A of the Acts Interpretation Act 1901.

             (2)  The Minister may appoint a person to act in an office of Second Commissioner of Taxation:

                     (a)  during a vacancy in that office; or

                     (b)  during any period, or during all periods, when the person holding the office of Second Commissioner of Taxation is absent from duty or from Australia, is acting in the office of Commissioner of Taxation or is, for any other reason, unable to perform the functions of the office of Second Commissioner of Taxation.

Note:          For rules that apply to acting appointments, see section 33A of the Acts Interpretation Act 1901.

             (6)  While a person is acting in the office of Commissioner of Taxation, the person has and may exercise all the powers, and shall perform all the functions, of the Commissioner under this Act or any other law.

          (6A)  For the purposes of subsection (6), the Commissioner’s powers and functions include powers and functions given to the Commissioner in his or her capacity as Registrar of the Australian Business Register.

             (7)  While a person is acting in an office of Second Commissioner of Taxation, the person has and may exercise all the powers, and shall perform all the functions, of the Second Commissioner under this Act or any other law.

6C  Suspension and removal from office of Commissioner or Second Commissioner

             (1)  The Governor‑General may remove the Commissioner or a Second Commissioner from office on an address praying for the removal of the Commissioner or the Second Commissioner, as the case may be, on the ground of proved misbehaviour or physical or mental incapacity being presented to the Governor‑General by each House of the Parliament in the same session of the Parliament.

             (2)  The Governor‑General may suspend the Commissioner or a Second Commissioner from office on the ground of misbehaviour or physical or mental incapacity.

             (3)  Where the Governor‑General suspends the Commissioner or a Second Commissioner, the Minister shall cause a statement of the grounds of the suspension to be laid before each House of the Parliament within 7 sitting days of that House after the suspension.

             (4)  If, at the expiration of 15 sitting days of a House of the Parliament after the day on which the statement was laid before that House, an address under subsection (1) has not been presented to the Governor‑General by each House of the Parliament, the suspension terminates.

             (5)  The suspension of the Commissioner or a Second Commissioner from office under this section does not affect any entitlement of the Commissioner or Second Commissioner, as the case may be, to be paid remuneration and allowances.

             (6)  If:

                     (a)  the Commissioner or a Second Commissioner becomes bankrupt, applies to take the benefit of any law for the relief of bankrupt or insolvent debtors, compounds with his or her creditors or makes an assignment of his or her remuneration for their benefit;

                     (b)  the Commissioner or a Second Commissioner engages, except with the approval of the Minister, in paid employment outside the duties of the office of Commissioner or Second Commissioner, as the case may be; or

                     (c)  the Commissioner or a Second Commissioner is absent from duty, except on leave of absence, for 14 consecutive days or 28 days in any 12 months;

the Governor‑General shall remove the Commissioner or Second Commissioner, as the case may be, from office.

             (7)  The Governor‑General may, with the consent of the Commissioner or a Second Commissioner, retire the Commissioner or Second Commissioner, as the case may be, from office on the ground of physical or mental incapacity.

             (8)  The Commissioner or a Second Commissioner shall not be suspended, removed or retired from office except as provided by this section.

6D  Powers of Second Commissioner

             (1)  Subject to subsection (2) and to the regulations, a Second Commissioner has all the powers, and may perform all the functions, of the Commissioner under a taxation law.

             (2)  Subsection (1) does not apply in relation to:

                     (a)  section 8 of this Act; or

                     (b)  a provision of a taxation law that:

                              (i)  provides that the Commissioner has the general administration of the taxation law; or

                             (ii)  requires the Commissioner to furnish to the Minister a report on the working of the taxation law during any period.

             (3)  When a power or function of the Commissioner under a taxation law is exercised or performed by a Second Commissioner, the power or function shall, for the purposes of the taxation law, be deemed to have been exercised or performed by the Commissioner.

             (4)  The exercise of a power, or the performance of a function, of the Commissioner under a taxation law by a Second Commissioner does not prevent the exercise of the power, or the performance of the function, by the Commissioner.

7  Deputy Commissioners of Taxation

                   There shall be such Deputy Commissioners of Taxation as are required.

8  Delegation

             (1)  The Commissioner may, either generally or as otherwise provided by the instrument of delegation, by writing signed by the Commissioner, delegate to a Deputy Commissioner or any other person all or any of the Commissioner’s powers or functions under a taxation law or any other law of the Commonwealth or a Territory, other than this power of delegation.

          (1A)  For the purposes of this section, the Commissioner’s powers and functions include powers and functions given to the Commissioner in his or her capacity as Registrar of the Australian Business Register.

             (2)  Subject to subsection (5), a power or function so delegated, when exercised or performed by the delegate, shall, for the purposes of the taxation law or the other law, as the case may be, be deemed to have been exercised or performed by the Commissioner.

             (4)  A delegation under this section does not prevent the exercise of a power or the performance of a function by the Commissioner.

             (5)  A delegation under this section may be made subject to a power of review and alteration by the Commissioner, within a period specified in the instrument of delegation, of acts done in pursuance of the delegation.

             (6)  A delegation under this section continues in force notwithstanding a change in the occupancy of, or a vacancy in, the office of Commissioner, but, for the purposes of the application of subsection 33(3) of the Acts Interpretation Act 1901 to a delegation under this section, nothing in any law shall be taken to preclude the revocation or variation of the delegation by the same or a subsequent holder of that office.

Part IIAThe general interest charge

  

8AAA  Overview

This Part explains how to work out the general interest charge on an amount.

Usually, a person is liable to pay the charge if an amount that the person must pay to the Commissioner is not paid on time. But there are also other circumstances in which a person can be liable.

A person is only liable to pay the charge if a provision of an Act makes the person liable.

8AAB  When the general interest charge applies

             (1)  There are certain provisions of this Act and other Acts that make persons liable to pay the general interest charge. Subsection (4) lists the provisions.

             (2)  A person is only liable to pay the charge on an amount if a provision specifies that the person is liable to pay the charge on the amount.

             (3)  The charge does not apply to the Commonwealth or an authority of the Commonwealth.

             (4)  The following table is an index of the laws that deal with liability to the charge.

 

Liability to general interest charge

 

Item

Column 1

Section

Column 2

Act

Column 3

Topic

 

1

162‑100

A New Tax System (Goods and Services Tax) Act 1999

payment of GST instalments

 

2

168‑10

A New Tax System (Goods and Services Tax) Act 1999

supplies later found to be GST‑free supplies

 

3

25‑10

A New Tax System (Wine Equalisation Tax) Act 1999

purchases later found to be GST free supplies

 

3A

175‑65

Australian Charities and Not‑for‑profits Commission Act 2012

payment of administrative penalty

 

5

93

Fringe Benefits Tax Assessment Act 1986

payment of fringe benefits tax

 

6

112B

Fringe Benefits Tax Assessment Act 1986

payment of fringe benefits tax instalments

 

7

102UP

Income Tax Assessment Act 1936

payment of trustee beneficiary non‑disclosure tax

 

8

128C

Income Tax Assessment Act 1936

payment of withholding tax

 

9

163AA

Income Tax Assessment Act 1936

returns by instalment taxpayers

 

10

163B

Income Tax Assessment Act 1936

returns by persons other than instalment taxpayers

 

10A

172A

Income Tax Assessment Act 1936

repayments of excessive tax offset refunds

 

11

271‑80 in Schedule 2F

Income Tax Assessment Act 1936

payment of family trust distribution tax

 

12

5‑15

Income Tax Assessment Act 1997

unpaid income tax or shortfall interest charge

 

13

197‑75

Income Tax Assessment Act 1997

payment of untainting tax

 

14

214‑155

Income Tax Assessment Act 1997

payment of franking tax by a corporate tax entity

 

15

292‑390

Income Tax Assessment Act 1997

payment of excess non‑concessional contributions tax or shortfall interest charge

 

15A

293‑75

Income Tax Assessment Act 1997

payment of Division 293 tax or shortfall interest charge

 

16A

418‑170

Income Tax Assessment Act 1997

payment of excess exploration credit tax or shortfall interest charge

 

17

721‑30

Income Tax Assessment Act 1997

liability of members of consolidated groups

 

18

840‑810

Income Tax Assessment Act 1997

payment of managed investment trust withholding tax

 

18A

840‑910

Income Tax Assessment Act 1997

payment of Seasonal Labour Mobility Program withholding tax

 

19

214‑105

Income Tax (Transitional Provisions) Act 1997

payment of franking deficit tax

 

20

85

Petroleum Resource Rent Tax Assessment Act 1987

payment of petroleum resource rent tax, shortfall interest charge or instalment transfer interest charge

 

20A

282‑19

Private Health Insurance Act 2007

repayment of private health insurance premium reduction or refund

 

21

35

Product Grants and Benefits Administration Act 2000

payment of a designated scheme debt

 

22

21

Superannuation Contributions Tax (Assessment and Collection) Act 1997

increase in liability to pay superannuation contributions surcharge because of amendment of assessment

 

23

22

Superannuation Contributions Tax (Assessment and Collection) Act 1997

liability to pay superannuation contributions surcharge because of new assessment

 

24

25

Superannuation Contributions Tax (Assessment and Collection) Act 1997

payment of superannuation contributions surcharge or advance instalment

 

25

18

Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997

increase in liability to pay superannuation contributions surcharge because of amendment of assessment

 

26

21

Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997

payment of superannuation contributions surcharge

 

27

25

Superannuation (Government Co‑contribution for Low Income Earners) Act 2003

repayments or underpayments of Government co‑contributions that cannot be credited to an account

 

28

49

Superannuation Guarantee (Administration) Act 1992

payment of superannuation guarantee charge

 

29

15DC

Superannuation (Self Managed Superannuation Funds) Taxation Act 1987

payment of superannuation (self managed superannuation funds) supervisory levy

 

30

17A

Superannuation (Unclaimed Money and Lost Members) Act 1999

payment of unclaimed money

 

31

18C

Superannuation (Unclaimed Money and Lost Members) Act 1999

repayment of Commissioner’s payment that cannot be credited to an account

 

32

20F

Superannuation (Unclaimed Money and Lost Members) Act 1999

payment of unclaimed superannuation of former temporary residents

 

33

20M

Superannuation (Unclaimed Money and Lost Members) Act 1999

repayment of Commissioner’s payment for former temporary resident that cannot be credited to an account

 

34

24F

Superannuation (Unclaimed Money and Lost Members) Act 1999

payment in respect of lost member accounts

 

35

24L

Superannuation (Unclaimed Money and Lost Members) Act 1999

repayment of Commissioner’s payment for former lost member that cannot be credited to an account

 

36

8AAZF

Taxation Administration Act 1953

RBA deficit debts

 

37

8AAZN

Taxation Administration Act 1953

overpayments made by the Commissioner

 

38

16‑80 in Schedule 1

Taxation Administration Act 1953

payment of PAYG withholding amounts

 

38A

18‑150 in Schedule 1

Taxation Administration Act 1953

PAYG withholding non‑compliance tax

 

39

45‑80 in Schedule 1

Taxation Administration Act 1953

payment of PAYG instalments

 

40

45‑230 in Schedule 1

Taxation Administration Act 1953

shortfall in quarterly PAYG instalments worked out on the basis of a varied rate

 

41

45‑232 in Schedule 1

Taxation Administration Act 1953

shortfall in quarterly PAYG instalments worked out on the basis of estimated benchmark tax

 

42

45‑235 in Schedule 1

Taxation Administration Act 1953

shortfall in annual PAYG instalments

 

43

45‑600 and 45‑620 in Schedule 1

Taxation Administration Act 1953

tax benefits relating to PAYG instalments

 

44

45‑870 and 45‑875 in Schedule 1

Taxation Administration Act 1953

head company’s liability on shortfall in quarterly PAYG instalments

 

44Q

95‑25 in Schedule 1

Taxation Administration Act 1953

payment of excess concessional contributions charge or shortfall interest charge

45

105‑80 in Schedule 1

Taxation Administration Act 1953

payment of a net fuel amount or an amount of indirect tax

 

45C

133‑115 in Schedule 1

Taxation Administration Act 1953

payment of debt account discharge liability

 

46

263‑30 in Schedule 1

Taxation Administration Act 1953

payment of a foreign revenue claim

 

47

268‑75 in Schedule 1

Taxation Administration Act 1953

late payment of estimate

 

48

298‑25 in Schedule 1

Taxation Administration Act 1953

payment of administrative penalty

 

50

13

Termination Payments Tax (Assessment and Collection) Act 1997

increase in liability to pay termination payments surcharge because of amendment of assessment

 

51

16

Termination Payments Tax (Assessment and Collection) Act 1997

payment of termination payments surcharge

 

8AAC  Amount of the general interest charge

             (1)  The general interest charge for a day is worked out in accordance with this section.

             (2)  If the charge is payable under section 8AAZF on the RBA deficit at the end of that day, then the charge is worked out by multiplying the general interest charge rate for that day by the RBA deficit at the end of that day.

             (3)  If the charge is not payable under section 8AAZF, but applies to an amount that remains unpaid (the original unpaid amount), then the charge is worked out by multiplying the general interest charge rate for that day by the sum of so much of the following amounts as remains unpaid:

                     (a)  the charge from previous days;

                     (b)  the original unpaid amount.

             (4)  If the charge applies to an amount that is specified in the provision that imposes the charge, but neither subsection (2) nor (3) applies, then the charge is worked out by multiplying the general interest charge rate for that day by the sum of the following amounts:

                     (a)  so much of the charge from previous days as remains unpaid;

                     (b)  the specified amount.

8AAD  What is the general interest charge rate?

             (1)  The general interest charge rate for a day is the rate worked out by adding 7 percentage points to the base interest rate for that day, and dividing that total by the number of days in the calendar year.

             (2)  The base interest rate for a day depends on which quarter of the year the day is in. For each day in a quarter in the second column of the table, it is the monthly average yield of 90‑day Bank Accepted Bills published by the Reserve Bank of Australia for the month in the third column of the table.

 

Base interest rate

Item

For days in this quarter...

the monthly average yield of 90‑day Bank Accepted Bills for this month applies...

1

1 January to 31 March

the preceding November

2

1 April to 30 June

the preceding February

3

1 July to 30 September

the preceding May

4

1 October to 31 December

the preceding August

             (3)  If the monthly average yield of 90‑day Bank Accepted Bills for a particular month in the third column of the table in subsection (2) is not published by the Reserve Bank of Australia before the beginning of the relevant quarter, assume that