4AIndexation of penalty units

4A Indexation of penalty units

[Section 4A Inserted by No. 37 of 2007, s. 5, Applied:24 Oct 2007] [Section 4A Subsection (4A) inserted by No. 44 of 2011, s. 4, Applied:29 Nov 2011] [Section 4A Subsection (7A) inserted by No. 44 of 2011, s. 4, Applied:29 Nov 2011] [Section 4A Substituted by No. 12 of 2015, s. 5, Applied:19 May 2015]

(1)  The value of a penalty unit for the financial year commencing on 1 July 2015 is $154.

(2)  The value of a penalty unit for the financial year commencing on 1 July 2016, and for each subsequent financial year, is to be calculated in accordance with the following formula and rounded off in accordance with subsection (3) :

where –

A is the value in dollars of a penalty unit for the relevant financial year;

B is $154;

C is the value of the CPI figure for Hobart for the December quarter immediately preceding the financial year in which the value of the penalty unit is to apply;

D is the value of the CPI figure for Hobart for the December quarter 2014 (as published with the CPI figure for Hobart for the March quarter immediately preceding the financial year in which the value of the penalty unit is to apply).

(3)  If the amount calculated in accordance with the formula specified in subsection (2) is an amount which is dollars and a number of cents, the amount is to be rounded up to the nearest whole dollar.

(4)  On or before 1 June in each year, the Minister is to publish in the Gazette notice of the value of a penalty unit that is to apply for the financial year commencing on 1 July in that year.

(5)  An increase in the value of a penalty unit is of no effect unless notice of the value of the penalty unit is published under .