Commonwealth Numbered Regulations - Explanatory Statements

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EXCISE REGULATIONS (AMENDMENT) 1992 NO. 62

STATUTORY RULES 1992 No. 62

Issued by the Authority of the Minister for Small Business, Construction and Customs

Excise Act 1901

Excise Regulations (Amendment)

Section 164 of the Excise Act 1901 provides in part that "(1) The Governor-General may make regulations not inconsistent with this Act prescribing all matters which by this Act are required or permitted to be prescribed or as may be necessary or convenient to be prescribed for giving effect to this Act or for the conduct of any business relating to the Excise ... "

The Government decided as part of its 1990 Budget to phase out one and two cent coins. The Regulations thus amend the Excise Regulations by inserting a new regulation 49A to provide for the rounding down of duty to the nearest 5 cents by authorising an appropriate remission of duty where excise duty is paid in cash.

This regulation corresponds to Customs regulation 127AA, inserted by Statutory Rules No. 290 of 1991 dated 10 September 1991, which effects a similar rounding down of Customs duty.

Where duty is to be paid by methods other than cash (such as credit card, cheque, and electronic means), duty will still be charged and collected to the nearest cent.