Taxation Administration Act 1953 PAYG Withholding Variation: Financial Supplies (19/11/2001) (Cth)

Pay As You Go (PAYG) Withholding

Variation of amount required to be withheld

I, Stuart Frederick Forsyth, Assistant Commissioner of Taxation, vary to nil the amount required to be withheld from withholding payments that are:

§ covered by section 12-190 of Schedule 1 to the Taxation Administration Act 1953;             and

§      within the class of cases described below.

I make this variation of the amount required to be withheld under the power contained in section 15-15 of Schedule 1 to the Taxation Administration Act 1953 to meet the special circumstances of that class of cases.

This variation is effective for payments made on or after the date on which a copy of this notice is published in the Gazette.

Class of cases

Any payment where the supplier has not quoted an ABN and the payment is wholly for a:

· financial supply as defined in Part 3-1, Division 40 of A New Tax System (Goods   and Services Tax) Regulations 1999 (“GST Regulations”). However, the requirements in subregulation 40-5.09 (1)(a) and (b) Part 3-1, Division 40 of the GST Regulations need not be satisfied.

Signed at Brisbane, this 19^th day of November 2001.

Signed by Stuart Forsyth

Assistant Commissioner of Taxation