Untitled document

Monetary Units Amendment Act 2012

No. 33 of 2012

TABLE OF PROVISIONS

Section  Page

1Purpose

2Commencement

3New section 11 substituted

11Provisions for 2012–2013

4Repeal of amending Act

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ENDNOTES

Monetary Units Amendment Act 2012

No. 33 of 2012

[Assented to 13 June 2012]

The Parliament of Victoria enacts:

1Purpose

The purpose of this Act is to amend the Monetary Units Act 2004 in relation to the financial year commencing on 1 July 2012 by—

(a)fixing the value of a fee unit for that financial year; and

(b)fixing the value of a penalty unit for that financial year; and

(c)providing for the annual rate by which the amount of a fee unit or penalty unit would otherwise be adjusted for that financial year.

2Commencement

This Act comes into operation on 1 July 2012.

3New section 11 substituted

For section 11 of the Monetary Units Act 2004 substitute—

11Provisions for 2012–2013"

(1)Despite sections 5 and 6, for the financial year commencing on 1 July 2012—

(a)the value of a fee unit is $12.53; and

(b)the value of a penalty unit is $140.84.

(2)Any reference in this Act or any other Act or statutory rule to the value of a fee unit or penalty unit calculated in accordance with section 5(3) is to be treated for the financial year commencing on 1 July 2012 as a reference to the value of a fee unit or penalty unit as provided by subsection (1).

(3)Despite section 5, the annual rate for the financial year commencing on 1 July 2012 is taken to be 2×5%.

(4)Any reference in this Act or any other Act or statutory rule to the annual rate fixed in accordance with section 5(4) for the financial year commencing on 1 July 2012 is to be treated as a reference to the annual rate as provided by subsection (3).".

4Repeal of amending Act

This Act is repealed on 1 July 2013.

Note

The repeal of this Act does not affect the continuing operation of the amendments made by it (see section 15(1) of the Interpretation of Legislation Act 1984).

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ENDNOTES

Minister's second reading speech—

Legislative Assembly: 2 May 2012

Legislative Council: 24 May 2012

The long title for the Bill for this Act was "A Bill for an Act to amend the Monetary Units Act 2004 to provide for the value of a fee unit, the value of a penalty unit and the annual rate for the financial year commencing on 1 July 2012 and for other purposes."