Debt Collectors (Field Agents and Collection Agents) Regulation 2014
sec.16ARounding of amounts expressed as numbers of fee units
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sec.16A Rounding of amounts expressed as numbers of fee units
This section applies for working out the amount of a fee expressed in this regulation as a number of fee units. For the purpose of the Acts Interpretation Act 1954 , section 48C (3) , the amount is to be rounded— if the result is not more than $100—to the nearest multiple of 5 cents (rounding one-half upwards); or if the result is more than $100 but not more than $1,000—to the nearest multiple of 10 cents (rounding one-half upwards); or if the result is more than $1,000 but not more than $5,000—to the nearest dollar (rounding one-half upwards). If a fee were 35 fee units and the value of a fee unit were $1.015, the number of dollars obtained by multiplying 35 by $1.015 would be $35.525. Because $35.525 is halfway between $35.50 and $35.55, it is rounded upwards, so the amount of the fee would be $35.55. s 16A ins 2022 SL No. 79 s 58 (sec.16A-ssec.1) This section applies for working out the amount of a fee expressed in this regulation as a number of fee units. (sec.16A-ssec.2) For the purpose of the Acts Interpretation Act 1954 , section 48C (3) , the amount is to be rounded— if the result is not more than $100—to the nearest multiple of 5 cents (rounding one-half upwards); or if the result is more than $100 but not more than $1,000—to the nearest multiple of 10 cents (rounding one-half upwards); or if the result is more than $1,000 but not more than $5,000—to the nearest dollar (rounding one-half upwards). If a fee were 35 fee units and the value of a fee unit were $1.015, the number of dollars obtained by multiplying 35 by $1.015 would be $35.525. Because $35.525 is halfway between $35.50 and $35.55, it is rounded upwards, so the amount of the fee would be $35.55.
- (a) if the result is not more than $100—to the nearest multiple of 5 cents (rounding one-half upwards); or
- (b) if the result is more than $100 but not more than $1,000—to the nearest multiple of 10 cents (rounding one-half upwards); or
- (c) if the result is more than $1,000 but not more than $5,000—to the nearest dollar (rounding one-half upwards).