CTHIn ForceAct
Taxation (Interest on Overpayments and Early Payments) Act 1983
12DInterest to be in multiples of 1 cent
Start here
Get a plain-English read of 12D
Turn the raw legal text into a practical explanation grounded in Taxation (Interest on Overpayments and Early Payments) Act 1983.
#### 12D Interest to be in multiples of 1 cent
If an amount of interest calculated under this Act is not a multiple of 1 cent, the amount of interest is to be:
(a) if the amount of interest is a multiple of 0.5 cent—increased by 0.5 cent; or
(b) in any other case—increased or decreased, as the case requires, to the nearest multiple of 1 cent.