Federal Register of Legislation - Australian Government

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Withholding Tax Instruments as made
This instrument avoids the imposition of an unnecessary withholding obligation on legal personal representatives of deceased individuals, beneficiaries of deceased estates and surviving joint tenants following the acquisition of certain Australian assets.
Administered by: Treasury
Registered 06 Sep 2016
Tabling HistoryDate
Tabled HR12-Sep-2016
Tabled Senate12-Sep-2016

Legislative Instrument

 

PAYG Withholding variation for foreign resident capital gains withholding payments – deceased estates and legal personal representatives

 

I, Steve Vesperman, Deputy Commissioner of Taxation, make this variation under subsection 14-235(5) of Schedule 1 to the Taxation Administration Act 1953.

 

 

 

Deputy Commissioner of Taxation

Dated: 15 August 2016

 

 

1.            Name of instrument

This determination is the PAYG Withholding variation for foreign resident capital gains withholding payments – deceased estates and legal personal representatives.

2.            Commencement

This instrument commences on the day after its registration on the Federal Register of Legislative Instruments.

3.            Application

This instrument applies to payments covered by section 14-200 of Schedule 1 to the Taxation Administration Act 1953, where, as a result of the death of an individual:

(i)    the legal personal representative is taken to have acquired the relevant asset following the death of the individual;

(ii)   a beneficiary obtains ownership of the relevant asset by way of direct transfer from the deceased or by transfer from the legal personal representative of the deceased; or

(iii)  a surviving joint tenant acquires the deceased joint tenant’s interest in the relevant asset.

4.            Determination

The amount to be paid to the Commissioner in relation to transactions covered by this instrument is varied to nil.

5.            Definitions

Where individuals own the relevant asset as joint tenants, their percentage interests are as defined in section 108-7 of the Income Tax Assessment Act 1997.

Other terms used in this legislative instrument have the same meaning as defined in the:

·  Income Tax Assessment Act 1997, or

· Taxation Administration Act 1953