Australian Capital Territory Numbered Acts

RATES AND LAND TAX (AMENDMENT) ACT 1989 (NO. 10 OF 1989) - SECT 6

6. Section 15 of the Principal Act is amended—

    (a)     by omitting paragraph (5) (a) and substituting the following paragraphs:

    “(a)     if the amount payable is for a year—by paying, on or before the due date for the payment of the rates, the amount of the rates less the amount ascertained by applying the determined discount rate to the amount of those rates;

        (ab)     if the amount payable is for part of a year—by paying the amount of the rates on or before the due date for the payment of the rates;”;

    (b)     by inserting after subsection (5) the following subsections:

“(5AA) Where an amount ascertained for the purposes of paragraph (5) (a) contains a fraction of a cent—

        (a)     a fraction of a cent that does not exceed half a cent shall be disregarded; and

        (b)     a fraction of a cent that exceeds half a cent shall be regarded as one cent.

“(5AB) Where an amount payable under a notice of assessment referred to in section 14 is for a period exceeding a year, paragraph (5) (a) applies only in relation to the payment of that part of the amount payable that is for a year.”; and

    (c)     by adding at the end the following subsections:

“(11) In paragraph (5) (a), ‘determined discount rate' means a discount rate determined by the Minister by instrument for the purposes of this subsection.

“(12) A determination under subsection (11) is a disallowable instrument for the purposes of section 10 of the Subordinate Laws Act 1989 .”.