SOCIAL SECURITY (ADMINISTRATION) ACT 1999 - SECT 54 Rounding off instalments of social security payments

SOCIAL SECURITY (ADMINISTRATION) ACT 1999 - SECT 54

  (1)   In this section:

"instalment" means an instalment of a social security payment.

Note:   Subsection   43(3E) affects what is an instalment of a social security periodic payment if the Secretary has determined under subsection   43(3A) that a person is to be paid the total amount of a social security periodic payment relating to an instalment period in 2 payments.

  (2)   If the amount of an instalment would be:

  (a)   one or more whole dollars and a part of a cent; or

  (b)   one or more whole dollars and cents and a part of a cent;

the amount is to be increased or decreased to the nearest whole cent.

  (3)   If the amount of an instalment would be:

  (a)   one or more whole dollars and 0.5 cent; or

  (b)   one or more whole dollars and cents and 0.5 cent;

the amount is to be increased by 0.5 cent.

  (4)   If, apart from this subsection, the amount of an instalment would be less than $1.00, the amount is to be increased to $1.00.