MONETARY UNITS ACT 2018

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 -- 1 of 6 -- -- 2 of 6 -- 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 -- 3 of 6 -- 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. -- 4 of 6 -- Part 2 Principal matters Monetary Units Act 2018 3 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 Transitional matters for Revenue Legislation Amendment and Repeal Act 2022 9 Application of change in value of monetary unit (1) The amendment made to this Act by the Revenue Legislation Amendment and Repeal Act 2022 applies to matters occurring on or after 1 July 2022. (2) This Act, as in force immediately before 1 July 2022, continues to apply to matters occurring before 1 July 2022. -- 5 of 6 -- ENDNOTES Monetary Units Act 2018 4 ENDNOTES 1 KEY Key to abbreviations amd = amended od = order app = appendix om = omitted bl = by-law pt = Part ch = Chapter r = regulation/rule cl = clause rem = remainder div = Division renum = renumbered exp = expires/expired rep = repealed f = forms s = section Gaz = Gazette sch = Schedule hdg = heading sdiv = Subdivision ins = inserted SL = Subordinate Legislation lt = long title sub = substituted nc = not commenced 2 LIST OF LEGISLATION Monetary Units Act 2018 (Act No. 17, 2018) Assent date 6 September 2018 Commenced 1 November 2018 (Gaz G40, 3 October 2018, p 7) Revenue Legislation Amendment and Repeal Act 2022 (Act No. 15, 2022) Assent date 30 June 2022 Commenced 1 July 2022 (s 2) 3 GENERAL AMENDMENTS General amendments of a formal nature (which are not referred to in the table of amendments to this reprint) are made by the Interpretation Legislation Amendment Act 2018 (Act No. 22 of 2018) to: s 4. 4 LIST OF AMENDMENTS s 6 amd No. 15, 2022, s 4 pt 3 hdg exp No. 17, 2018, s 15 ins No. 15, 2022, s 5 s 9 exp No. 17, 2018, s 15 ins No. 15, 2022, s 5 pt 3 div 1 hdg exp No. 17, 2018, s 15 s 10 exp No. 17, 2018, s 15 pt 3 div 2 hdg exp No. 17, 2018, s 15 ss 11 – 14 exp No. 17, 2018, s 15 pt 3 div 3 hdg exp No. 17, 2018, s 15 s 15 exp No. 17, 2018, s 15 -- 6 of 6 --