Commonwealth Numbered Acts

SOCIAL SERVICES AMENDMENT ACT 1979 No. 121, 1979 - SECT 24

24. After section 103 of the Principal Act the following section is inserted:
Daily rate of endowment
''103A. (1) Subject to sub-section (2), where, by virtue of the operation of
section 102 or 103, a period in respect of which endowment is payable in
respect of a child is, or includes, a period (in this sub-section referred to
as 'the relevant period') that is part only of an endowment period, the rate
of endowment payable in respect of the relevant period is a daily rate
calculated by dividing by 365 the product of 12 and the amount of the monthly
rate of endowment specified in respect of the child in sub-section (2) or (3),
as the case may be, of section 95.

''(2) Where the amount of a daily rate of an endowment that would, but for
this sub-section, be payable under sub-section (1) includes an amount of less
than one cent (in this sub-section referred to as 'the relevant amount') that
first-mentioned amount shall be increased or decreased to the nearest cent,
except where the relevant amount is 0.5 cent, in which case that
first-mentioned amount shall be increased by 0.5 cent.''.