Taxation Laws Amendment Act (No. 1) 1995 (120 of 1995)

Schedule 2   OTHER AMENDMENTS

Part 3   TAXATION ADMINISTRATION ACT 1953

Division 2   Rounding down of tax liabilities

19   After section 16A

Insert:

Tax liability to be decreased to nearest multiple of 5 cents

"16B.(1) If the amount of a tax liability is not a multiple of 5 cents at the time the liability arises, the amount is to be decreased to the nearest multiple of 5 cents. "(2) In subsection (1):

'tax liability' means a liability to the Commonwealth arising under, or by virtue of, any of the following:

(a) this Act;

(b) any other Act of which the Commissioner has the general administration;

(c) regulations under an Act covered by paragraph (a) or (b).".