Commonwealth Numbered Acts

INCOME TAX (COMPANIES AND SUPERANNUATION FUNDS) ACT 1980 No. 126 of 1980 - SECT 8

8. (1) This section applies for the purposes of the making of an assessment of
tax under this Act in respect of the income of a taxpayer of a year of income
where, upon the making of the assessment and the serving of notice of the
assessment upon the taxpayer, there would, but for this section, be a net
amount of not more than 49 cents payable by the Commissioner to the taxpayer,
or by the taxpayer to the Commissioner, under the law relating to income tax,
after taking into account all liabilities of the taxpayer, and all rebates and
credits allowable to the taxpayer, under that law.

(2) Where this section applies in relation to the making of an assessment-

   (a)  if the amount of not more than 49 cents would be an amount payable to
        the taxpayer-additional tax equal to that amount is imposed by this
        Act in respect of the income of the taxpayer of the year of income;
        and

   (b)  if the amount of not more than 49 cents would be an amount payable to
        the Commissioner-the amount that, but for this section, would be the
        amount of income tax imposed by this Act in respect of the income of
        the taxpayer of the year of income, before the allowance of any
        rebates to which the taxpayer is entitled, is reduced by so much of
        that amount of not more than 49 cents as does not exceed the amount
        calculated by deducting the amount of any such rebates from the amount
        that is to be so reduced.

(3) A reference in this section to a liability of the taxpayer shall be read
as including a reference to a liability in respect of income tax notified to
the taxpayer by the Commissioner, notwithstanding that the amount of the
liability has not become due and payable.

(4) For the purposes of any calculation under the law relating to income tax
that depends upon the amount of tax paid or payable by, or assessed in respect
of the income of, a taxpayer, the tax assessed and payable under an assessment
in relation to which this section applies shall be deemed to be the tax that
would have been so assessed and payable if this section had not applied.