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This is a Bill, not an Act. For current law, see the Acts databases.
Serial 51
Monetary
Units Bill 2018
Ms
Fyles
A Bill for 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 and such other legislation as may be determined
NORTHERN TERRITORY OF AUSTRALIA
MONETARY UNITS ACT 2018
____________________
Act No. [ ] of 2018
____________________
Table of provisions
NORTHERN
TERRITORY OF AUSTRALIA
____________________
Act No. [ ] of 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 and such other legislation as may be determined
[Assented to [ ] 2018]
[Introduced [ ] 2018]
The Legislative Assembly of the Northern Territory enacts as follows:
Part
1 Preliminary
matters
1 Short
title
This Act may be cited as the Monetary Units Act 2018.
This Act commences on the day fixed by the Administrator by Gazette notice.
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; and
(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.
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
(1) The formula to calculate a monetary unit is:
A = B x
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.
7 Application of monetary unit
(1) The amount calculated under section 6 only applies as the amount of a monetary unit for a financial year if it is equal to or greater than the amount calculated for the previous financial year.
(2) If the amount calculated under section 6 is less than the amount calculated for the previous financial year, the amount of the monetary unit for the financial year is the amount applicable in the previous financial year.
(3) The amount of a monetary unit takes effect on 1 July of each year and applies only in respect of matters occurring during that financial year.
8 Notifying new amount of monetary unit
(1) If the amount of a monetary unit for the next financial year will be greater than the amount for the current financial year, the Chief Executive Officer must, by Gazette notice , publish the new amount of the monetary unit before 1 July.
(2) However, a failure to do so does not affect the operation of section 7.
Part 3 Consequential amendments
Division 1 Interpretation
Act
9 Act
amended
This Division amends the Interpretation Act.
10 Section 17 amended (Definitions)
Section 17
insert (in alphabetical order)
monetary unit means, during a financial year, the amount, in dollars, calculated for that year in accordance with the Monetary Units Act.
Division 2 Local Court (Criminal
Procedure)
Regulations
11 Regulations
amended
This Division amends the Local Court (Criminal Procedure) Regulations.
12 Regulation 3 amended (Definitions)
Regulation 3, definition financial unit
omit, insert
monetary unit, see section 5 Monetary Units Act.
13 Regulation 4 repealed (Financial unit)
Regulation 4
repeal
14 Regulation 5 amended (Limit on amount ordered for costs)
Regulation 5(1)(a) and (b)
omit
financial units
insert
monetary units
Division
3 Repeal of
Part
15 Repeal
of Part
This Part is repealed on the day after it commences.
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