Monetary Units Act 2018 (NT)

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NORTHERN TERRITORY OF AUSTRALIA

MONETARY UNITS ACT 2018

As in force at 1 July 2022

Table of provisions NORTHERN TERRITORY OF AUSTRALIA

NORTHERN TERRITORY OF AUSTRALIA

As in force at 1 July 2022

MONETARY UNITS ACT 2018

An Act to establish monetary units as a method of expressing an indexed amount of money for use under the Local Courts (Criminal Procedure) Act 1928 and such other legislation as may be determined

Part 1Preliminary matters 1Short title

This Act may be cited as the Monetary Units Act 2018.

2Commencement

This Act commences on the day fixed by the Administrator by Gazette notice.

3Definitions

In this Act:

CPI figure for Darwin means the Consumer Price Index: All Groups Index Number for Darwin published by the Australian Statistician under the authority of the Census and Statistics Act 1905 (Cth).

monetary unit, is the amount, in dollars, calculated in accordance with section 6.

quarter, of a calendar year, means the period of 3 months ending at the end of March, June, September or December in that year.

Part 2Principal matters 4Application

This Act applies to:

  • (a)

    the Local Courts (Criminal Procedure) Act 1928; and

  • (b)

    any provision in another Act or subordinate legislation that refers to an amount of money that is expressed as a number of monetary units.

5Reference to monetary unit

A reference to an amount of money that is expressed as a number of monetary units is a reference to the product of that number and the amount of a monetary unit calculated in accordance with section 6 and applied in accordance with section 7.

6Calculation of monetary unit
  • (1AA)

    Despite section 5, the amount of a monetary unit is:

    • (a)

      $1.04 for the financial year ending on 30 June 2023; and

    • (b)

      the amount calculated in accordance with subsections (1) and (2) for the financial years following 30 June 2023.

  • (1)

    The formula to calculate a monetary unit is:

    A = B x

    where:

    A is the amount, in dollars, of a monetary unit for the financial year for which the calculation is made.

    B is $1.00.

    C is the average of the CPI figures for Darwin for each of the 4 quarters of the calendar year immediately preceding the financial year for which the calculation is made.

    D is the average of the CPI figures for Darwin for each of the 4 quarters of the calendar year 2016.

  • (2)

    The amount of a monetary unit, calculated in accordance with the formula in subsection (1), is to be rounded down to 2 decimal places.

    Example for subsection (2)

    If A is calculated to equal $1.129, A is then rounded down to 2 decimal places to the value of $1.12.

7Application of monetary unit
  • (1)

    The amount calculated under section 6 only applies as the amount of a monetary unit for a financial year if it is equal to or greater than the amount calculated for the previous financial year.

  • (2)

    If the amount calculated under section 6 is less than the amount calculated for the previous financial year, the amount of the monetary unit for the financial year is the amount applicable in the previous financial year.

  • (3)

    The amount of a monetary unit takes effect on 1 July of each year and applies only in respect of matters occurring during that financial year.

8Notifying new amount of monetary unit
  • (1)

    If the amount of a monetary unit for the next financial year will be greater than the amount for the current financial year, the Chief Executive Officer must, by Gazette notice, publish the new amount of the monetary unit before 1 July.

  • (2)

    However, a failure to do so does not affect the operation of section 7.

Part 3Transitional matters for Revenue Legislation Amendment and Repeal Act 20229Application of change in value of monetary unit
  • (1)

    The amendment made to this Act by the Revenue Legislation Amendment and Repeal Act 2022 applies to matters occurring on or after 1 July 2022.

  • (2)

    This Act, as in force immediately before 1 July 2022, continues to apply to matters occurring before 1 July 2022.

     
ENDNOTES
  • 1

    KEY

Key to abbreviations

 

amd = amended od = order

app = appendix om = omitted

bl = by-law pt = Part

ch = Chapter r = regulation/rule

cl = clause rem = remainder

div = Division renum = renumbered

exp = expires/expired rep = repealed

f = forms s = section

Gaz = Gazette sch = Schedule

hdg = heading sdiv = Subdivision

ins = inserted SL = Subordinate Legislation

lt = long title sub = substituted

nc = not commenced

  • 2

    LIST OF LEGISLATION

Monetary Units Act 2018 (Act No. 17, 2018)

Assent date

6 September 2018

Commenced

1 November 2018 (Gaz G40, 3 October 2018, p 7)

Revenue Legislation Amendment and Repeal Act 2022 (Act No. 15, 2022)

Assent date

30 June 2022

Commenced

1 July 2022 (s 2)

  • 3

    GENERAL AMENDMENTS

General amendments of a formal nature (which are not referred to in the table of amendments to this reprint) are made by the Interpretation Legislation Amendment Act 2018 (Act No. 22 of 2018) to: s 4.

  • 4

    LIST OF AMENDMENTS

s 6                     amd No. 15, 2022, s 4

pt 3 hdg             exp No. 17, 2018, s 15

ins No. 15, 2022, s 5

s 9                     exp No. 17, 2018, s 15

ins No. 15, 2022, s 5

pt 3

div 1 hdg           exp No. 17, 2018, s 15

s 10                   exp No. 17, 2018, s 15

pt 3

div 2 hdg           exp No. 17, 2018, s 15

ss 11 – 14          exp No. 17, 2018, s 15

pt 3

div 3 hdg           exp No. 17, 2018, s 15

s 15                   exp No. 17, 2018, s 15

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