A New Tax System (Goods and Services Tax) Regulations 2019

Chapter 4 - The special rules  

PART 4-7 - SPECIAL RULES MAINLY ABOUT RETURNS, PAYMENTS AND REFUNDS  

Division 168 - Tourist refund scheme  

Subdivision 168-E - Proportion of amount of GST for payment in cash  

168-5.11   Cash payment  

168-5.11(1)  
For the purposes of paragraphs 168-5(1)(e) and (1A)(g) of the Act, this section applies if:


(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.

168-5.11(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.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.