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Monetary Units Amendment Bill 2012
Introduction Print
EXPLANATORY MEMORANDUM
General
The Bill amends the Monetary Units Act 2004 to make special provision in
relation to fee units, penalty units and the annual rate for the 2012-2013
financial year. The amendments in this Bill relate to the 2012-2013 financial
year only. Following these amendments, the provisions of the Act relating to
the indexation of fee units and penalty units will continue to operate as
before.
Clause Notes
Clause 1 sets out the purpose of the Bill which is to amend the Monetary
Units Act 2004 (the Act) to fix the value of a fee unit and the
value of a penalty unit for the financial year commencing on
1 July 2012 and to provide for the annual rate for that financial
year.
Clause 2 provides for the commencement of the Bill on 1 July 2012.
Clause 3 repeals section 11 of the Act by substituting it with a new
section 11. Currently, section 11 deals with transitional
arrangements for 2004-2005 and is now spent.
New section 11(1) provides that for the financial year
commencing on 1 July 2012, the value of a fee unit is $12.53
and the value of a penalty unit is $140.84. New section 11(2)
provides that any reference in the 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 new section 11(1).
571298 1 BILL LA INTRODUCTION 1/5/2012
New section 11(3) provides that for the financial year
commencing 1 July 2012 the annual rate referred to in section 5
of the Act is 2·5%.
New section 11(4) provides that any reference in the Act, any
other Act or statutory rule to the annual rate fixed in accordance
with section 5(4) is to be treated for the financial year
commencing on 1 July 2012 as a reference to the annual rate as
provided by new section 11(3).
Clause 4 repeals the Bill on 1 July 2013. The repeal of the Bill does not
affect in any way the continuing operation of the amendments
made by the Bill (see section 15(1) of the Interpretation of
Legislation Act 1984).
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