The ATO has released a fact sheet on its Legal Database outlining the PAYG withholding and reporting obligations for financial institutions that may arise from making remediation payments, following the Hayne Royal Commission into banking and financial services malpractice (eg. restitution for fees charged for no service). If you’re like me, you might be wondering how compensation payments could be subject to PAYG withholding.

See below for further details.

[Tax Month – April 2021]

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