Taxation Administration: Withholding Variation to Nil for Low Income Minors Legislative Instrument 2022 (Cth)

Legislative Instrument Taxation Administration: Withholding Variation to Nil for Low Income Minors Legislative Instrument 2022

I, Ben Kelly, Deputy Commissioner of Taxation, make this determination under section 15-15 of Schedule 1 to the Taxation Administration Act 1953 (the Act).

Ben Kelly Deputy Commissioner of Taxation Policy, Analysis and Legislation Law Design and Practice

Dated: 3/8/2022

1. Name of instrument This determination is the Taxation Administration: Withholding Variation to Nil for Low Income Minors Legislative Instrument 2022.

2. Commencement This instrument commences on 1 October 2022.

3. Application This instrument applies to withholding payments made on or after 1 October 2022.

4. Determination The amount required to be withheld from the following withholding payments is varied to nil:

(1) Payments covered by Subdivisions 12-B (except section 12-55), 12-C or 12-D in Schedule 1 to the Act, where the payee:

(a) is an individual under 18 years of age at the time of payment,

(b) has not provided the payer with a tax file number (TFN) declaration that is in effect, and

(c) is to receive an amount which does not exceed:

(i) $350 where the payer pays the payee on a weekly basis,

(ii) $700 where the payer pays the payee on a fortnightly basis, or

(iii) $1,517 where the payer pays the payee monthly.

(2) Payments covered by section 12-190 in Subdivision 12-E of Schedule 1 to the Act, where:

(a) the supplier is an individual under 18 years of age at the time of payment,