FOREIGN RESIDENT CAPITAL GAINS WITHHOLDING. 24.1 Words defined or used in Subdivision 14-D of Schedule 1 to the Taxation Administration Act 1953 (Cth) have the same meaning in this general condition unless the context requires otherwise.
24.2 Every vendor under this contract is a foreign resident for the purposes of this general condition unless the vendor gives the purchaser a clearance certificate issued by the Commissioner under section 14-220 (1) of Schedule 1 to the Taxation Administration Act 1953 (Cth). The specified period in the clearance certificate must include the actual date of settlement.
24.3 The remaining provisions of this general condition 24 only apply if the purchaser is required to pay the Commissioner an amount in accordance with section 14-200(3) or section 14-235 of Schedule 1 to the Taxation Administration Act 1953 (Cth) (“the amount”) because one or more of the vendors is a foreign resident, the property has or will have a market value not less than the amount set out in section 14-215 of the legislation just after the transaction, and the transaction is not excluded under section 14-215(1) of the legislation.
24.4 The amount is to be deducted from the vendor’s entitlement to the contract consideration. The vendor must pay to the purchaser at settlement such part of the amount as is represented by non-monetary consideration.
FOREIGN RESIDENT CAPITAL GAINS WITHHOLDING. 10.1 Words defined or used in Subdivision 14-D of Schedule 1 to the Taxation Administration Act 1953 (Cth) have the same meaning in this special condition unless the context requires otherwise.
FOREIGN RESIDENT CAPITAL GAINS WITHHOLDING. 31.1 This clause applies only if –
31.1.1 the sale is not an excluded transaction within the meaning of s14-215 of Schedule 1 to the TA Act; and
31.1.2 a clearance certificate in respect of every vendor is not attached to this contract.
FOREIGN RESIDENT CAPITAL GAINS WITHHOLDING. 24.1 Words defined or used in Subdivision 14-D of Schedule 1 to the Taxation Administration Act 1953 (Cth)
24.2 Every vendor under this contract is a foreign resident for the purposes of this general condition unless the vendor gives the purchaser a clearance certificate issued by the Commissioner under section 14- 220 (1) of Schedule 1 to the Taxation Administration Act 1953 (Cth). The specified period in the clearance certificate must include the actual date of settlement.
24.3 The remaining provisions of this general condition 24 only apply if the purchaser is required to pay the Commissioner an amount in accordance with section 14-200(3) or section 14-235 of Schedule 1 to the Taxation Administration Act 1953 (Cth) (“the amount”) because one or more of the vendors is a foreign resident, the property has or will have a market value not less than the amount set out in section 14- 215 of the legislation just after the transaction, and the transaction is not excluded under section 14- 215(1) of the legislation.
24.4 The amount is to be deducted from the vendor’s entitlement to the contract consideration. The vendor must pay to the purchaser at settlement such part of the amount as is represented by non- monetary consideration.
FOREIGN RESIDENT CAPITAL GAINS WITHHOLDING. This clause applies only if –
FOREIGN RESIDENT CAPITAL GAINS WITHHOLDING. 31.1 This clause applies only if –
31.1.1 the sale is not an excluded transaction within the meaning of s14-215 of Schedule 1 to the TA Act; and
31.1.2 a clearance certificate in respect of every vendor is not attached to this contract.
31.2 The purchaser must –
31.2.1 at least 5 days before the date for completion, serve evidence of submission of a purchaser payment notification to the Australian Taxation Office by the purchaser or, if a direction under clause 4.3 has been served, by the transferee named in the transfer served with that direction;
31.2.2 produce on completion a settlement cheque for the remittance amount payable to the Deputy Commissioner of Taxation;
31.2.3 forward the settlement cheque to the payee immediately after completion; and
31.2.4 serve evidence of receipt of payment of the remittance amount.
31.3 The vendor cannot refuse to complete if the purchaser complies with clauses 31.2.1 and 31.2.2.
31.4 If the vendor serves any clearance certificate or variation, the purchaser does not have to complete earlier than 7 days after that service and clause 21.3 does not apply to this provision.
31.5 If the vendor serves in respect of every vendor either a clearance certificate or a variation to 0.00 percent, clauses 31.2 and 31.3 do not apply.
FOREIGN RESIDENT CAPITAL GAINS WITHHOLDING. 8.1 If the Seller provides a declaration to the Buyer under subsection 14-225(2) of Schedule 1 to the TAA on or before Completion (but not earlier than 6 months before Completion) and the Buyer does not know that declaration to be false, the Buyer must not withhold any amount from the Completion Payment.
8.2 If the Seller determines that it is at any point likely to make a declaration under Clause 8.1, the Seller will inform the Buyer as soon as reasonably possible and provide evidence to support the likelihood of the declaration being made.
8.3 If the Seller does not provide a declaration referred to in Clause 8.1 and the Buyer is required to pay an amount to the Commissioner under section 14-200 of Schedule 1 to the TAA, the Buyer is entitled to withhold the amount determined in accordance with subsection 14-200(3) of Schedule 1 to the TAA from the Completion Payment and must remit that amount to the Commissioner within the time required by subsection 14-200(2) of Schedule 1 to the TAA. Remission of that amount to the Commissioner discharges the Buyer’s obligation to pay the Completion Payment under this Deed to the extent of that amount as if it had been paid directly to the Seller.
FOREIGN RESIDENT CAPITAL GAINS WITHHOLDING. (a) Each Seller makes a declaration under section 14-225 of Schedule 1 of the TAA, from the date of this agreement up to and including Completion, that:
(i) it is, and will be, an Australian resident (as defined under the ITAA 1997); or
(ii) the Shares are not, and will not be, indirect Australian real property interests (as defined under the ITAA 1997).
(b) The Buyer acknowledges the declarations made by the Sellers under clause 2.4(a) and must not withhold from the Purchase Price under Subdivision 14-D of Schedule 1 of the TAA unless it knows both of those declarations to be false.
FOREIGN RESIDENT CAPITAL GAINS WITHHOLDING. (a) For the purposes of Subdivision 14-D of Schedule 1 to the Taxation Administration Act 1953 (Cth) (TAA), each Vendor declares that:
(i) the Shares are not, and will not be, “indirect Australian real property interests” as defined in section 855-25 of the 1997 Tax Act for the six month period commencing on the date of this agreement; and
(ii) the Purchaser may rely on the declaration in paragraph 11.2(a)(i).
(b) On the basis of the declaration in paragraph 11.2(a)(i), the Purchaser will not be required to make a payment under subdivision 14-D of the TAA.
(c) Each Vendor must indemnify the Purchaser for any loss suffered by the Purchaser in respect of the withholding requirements under Subdivision 14-D of Schedule 1 to the TAA if any declaration made by that Vendor under clause 11.2(a)(i) is false.
FOREIGN RESIDENT CAPITAL GAINS WITHHOLDING. (a) For the purposes of Subdivision 14-D of Schedule 1 to the Taxation Administration Act 1953 (Cth) (TAA), each Vendor declares that:
(i) the Shares are not, and will not be, “indirect Australian real property interests” as defined in section 855-25 of the 1997 Tax Act for the six month period commencing on the date of this agreement; and
(ii) the Purchaser or Slinger Bag may rely on the declaration in paragraph 11.2(a)(i).
(b) On the basis of the declaration in paragraph 11.2(a)(i), the Purchaser or Slinger Bag will not be required to make a payment under subdivision 14-D of the TAA.
(c) Each Vendor must indemnify the Purchaser or Slinger Bag for any loss suffered by the Purchaser in respect of the withholding requirements under Subdivision 14-D of Schedule 1 to the TAA if any declaration made by that Vendor under clause 11.2(a)(i) is false.
