INCOME TAX ACT 1986

SECTION 6   ADJUSTMENT WHERE AMOUNT TO BE PAID BY, OR REFUNDED TO, TAXPAYER WOULD NOT EXCEED 49 CENTS  

6(1)   [Application of section]  

This section applies for the purposes of the making of an assessment of tax (other than further tax payable under subsection 94(9), (11) or (12) of the Assessment 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.

6(2)   [Adjustment of tax]  

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 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 sum of the amount that is to be so reduced and any amount of further tax payable by the taxpayer in respect of that year of income under subsection 94(9), (11) or (12) of the Assessment Act.

6(3)   [Liability of taxpayer]  

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 or provisional tax notified to the taxpayer by the Commissioner, notwithstanding that the amount of the liability has not become due and payable.

6(4)   [Tax assessed and payable]  

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.




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