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(1) The Commissioner-General may accept security for an obligation under a tax law on the terms and conditions specified by the Commissioner-General.

(2) The security referred to in subsection (1) may take the following forms:

(a) bank deposit or banker’s draft;

(b) cash deposit or the equivalent of a cash deposit;

(c) bond or guarantee;

(d) undertaking by an authorised economic operator;

(e) charge, lien, mortgage or other fixed interest over property;

or

(f) a combination of paragraph (a) to (e).

(3) Security may be accepted for a specific obligation under a tax law or for multiple or continuing obligations under a tax law.

(4) This section does not

(a) restrict the Commissioner-General from accepting a particular security for an obligation under a tax law; or

(b) prevent the Commissioner-General from seeking or requiring additional security.

(5) A security remains enforceable according to the terms of the security against a property or person despite any delay, extension, inactivity or other temporary failure on the part of the Commissioner- General to enforce the obligation.