Monetary Units Act 2018
1Monetary Units Act 2018
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NORTHERN TERRITORY OF AUSTRALIA MONETARY UNITS ACT 2018 As in force at 1 July 2022 Table of provisions Part 1 Preliminary matters 1 Short title ......................................................................................... 1 2 Commencement .............................................................................. 1 3 Definitions ........................................................................................ 1 Part 2 Principal matters 4 Application ....................................................................................... 1 5 Reference to monetary unit ............................................................. 2 6 Calculation of monetary unit ............................................................ 2 7 Application of monetary unit ............................................................ 3 8 Notifying new amount of monetary unit ........................................... 3 Part 3 Transitional matters for Revenue Legislation Amendment and Repeal Act 2022 9 Application of change in value of monetary unit .............................. 3 ENDNOTES
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 1 Preliminary matters 1 Short title This Act may be cited as the Monetary Units Act 2018. 2 Commencement This Act commences on the day fixed by the Administrator by Gazette notice. 3 Definitions 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 2 Principal matters 4 Application This Act applies to: (a) the Local Courts (Criminal Procedure) Act 1928; and
Part 2 Principal matters Monetary Units Act 2018 2 (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. 5 Reference 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. 6 Calculation 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 C D 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.