Commonwealth Numbered Regulations

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) REGULATIONS 2019 (F2019L00417) - REG 168.5.11

             (1)  For the purposes of paragraphs 168-5(1)(e) and (1A)(g) of the Act, this section applies i f:

                     (a)  an amount of GST on a taxable supply is to be paid to an acquirer in cash; and

                     (b)  the amount of GST is not an exact multiple of 5 cents.

             (2)  The amount of GST is to be rounded up or down to the nearest exact multiple of 5 cents (rounding up if the amount is an exact multiple of 2.5 cents). The result is the proportion of the amount of GST that is to be paid to the acquirer.