Consider the following scenario:

The contract sent an invoice after 1 July 2017 ABN has not supplied by a contractor

The payment amount is more than $75 (excluding GST)

The payment to the supplier is more than $350 per week to the supplier

Based on the above point, the business withheld 47% from a supplier payment and remit the amount withheld to the ATO.

Is the above statement True or False?