Taxation Administration Act 1953

PART V - MISCELLANEOUS  

SECTION 17   POWERS OF TAXATION OFFICERS IN RELATION TO REFERENCES TO CURRENCY ETC.  

17(1)   [Definitions]  

In this section:

decimal currency
means the currency provided for by the Currency Act 1965 ;

law of the Commonwealth
has the same meaning as in section 10 of the Currency Act 1965 ;

officer
includes the Commissioner and a Second Commissioner;

taxation law
means any law of the Commonwealth of which the Commissioner has the general administration;

the previous currency
means the currency provided for by the Coinage Act 1909.

17(2)   [Decimal currency]  

An officer may, in the exercise of, or for the purpose of exercising, any power under a taxation law or in the performance of, or for the purpose of performing, any function under a taxation law:

(a) treat:

(i) a reference in a law of the Commonwealth;

(ii) a reference in a bill of exchange, promissory note, security for money, contract or agreement (whether the contract or agreement is in writing or not), deed or other instrument; or

(iii) a reference in any other manner;

to an amount of money in the previous currency as a reference to a corresponding amount of money in decimal currency and treat such a reference to an amount of money in decimal currency as a reference to a corresponding amount of money in the previous currency;

(b) treat an amount of money in the previous currency as a corresponding amount of money in decimal currency and treat an amount of money in decimal currency as a corresponding amount of money in the previous currency; and

(c) express an amount of money in either decimal currency or the previous currency.

17(3)   [Currency Act]  

For the purposes of paragraphs (2)(a), (b) and (c):

(a) the amount of money in decimal currency that corresponds with an amount of money in the previous currency; and

(b) the amount of money in the previous currency that corresponds with an amount of money in decimal currency;

shall be calculated on the basis of the equivalents specified in subsection 8(4) of the Currency Act 1965.