MONETARY UNITS ACT 2004 - SECT 5 Calculation of value of fee and penalty units
MONETARY UNITS ACT 2004 - SECT 5
Calculation of value of fee and penalty units(1) The value of a fee unit is the amount fixed with respect to a financial year by the Treasurer by notice published in the Government Gazette.
(2) The value of a penalty unit is the amount fixed with respect to a financial year by the Treasurer by notice published in the Government Gazette.
(3) The Treasurer may, by notice published in the Government Gazette, fix once each financial year the amounts referred to in subsections (1) and (2).
(4) The Treasurer is to fix before 1 March in each year an amount to be known as the annual rate by which the amount of a fee unit or penalty unit is to be adjusted for the next financial year.
(5) If the Treasurer does not fix an annual rate under subsection (4) for a financial year, the annual rate that was determined for the previous financial year is to be the rate by which the amount of a fee unit or penalty unit is to be adjusted for the financial year.
(6) The amount of a fee unit fixed by the Treasurer that is to apply in respect of a financial year must not exceed the amount that is the product of the value of the fee unit in the previous financial year multiplied by the annual rate for the financial year in which the fee unit is to apply rounded to the nearest cent.
(7) The amount of a penalty unit fixed by the Treasurer that is to apply in respect of a financial year must not exceed the amount that is the product of the value of the penalty unit in the previous financial year multiplied by the annual rate for the financial year in which the penalty is to apply rounded to the nearest cent.