Monetary Units Amendment Act 2012

Authorised by the Chief Parliamentary Counsel Authorised Version i Monetary Units Amendment Act 2012 No. 33 of 2012 TABLE OF PROVISIONS Section Page 1 Purpose 1 2 Commencement 2 3 New section 11 substituted 2 11 Provisions for 2012–2013 2 4 Repeal of amending Act 3 ═══════════════ ENDNOTES 4 -- 1 of 5 -- Authorised by the Chief Parliamentary Counsel Authorised Version 1 Monetary Units Amendment Act 2012 † No. 33 of 2012 [Assented to 13 June 2012] The Parliament of Victoria enacts: 1 Purpose The purpose of this Act is to amend the Monetary Units Act 2004 in relation to the financial year commencing on 1 July 2012 by— (a) fixing the value of a fee unit for that financial year; and (b) fixing the value of a penalty unit for that financial year; and Victoria -- 2 of 5 -- Monetary Units Amendment Act 2012 No. 33 of 2012 2 Authorised by the Chief Parliamentary Counsel (c) providing for the annual rate by which the amount of a fee unit or penalty unit would otherwise be adjusted for that financial year. 2 Commencement This Act comes into operation on 1 July 2012. 3 New section 11 substituted For section 11 of the Monetary Units Act 2004 substitute— "11 Provisions for 2012–2013 (1) Despite sections 5 and 6, for the financial year commencing on 1 July 2012— (a) the value of a fee unit is $12.53; and (b) the value of a penalty unit is $140.84. (2) Any reference in this 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 subsection (1). (3) Despite section 5, the annual rate for the financial year commencing on 1 July 2012 is taken to be 2⋅5%. (4) Any reference in this Act or any other Act or statutory rule to the annual rate fixed in accordance with section 5(4) for the financial year commencing on 1 July 2012 is to be treated as a reference to the annual rate as provided by subsection (3).". s. 2 See: Act No. 10/2004. LawToday: www. legislation. vic.gov.au -- 3 of 5 -- Monetary Units Amendment Act 2012 No. 33 of 2012 3 Authorised by the Chief Parliamentary Counsel 4 Repeal of amending Act This Act is repealed on 1 July 2013. Note The repeal of this Act does not affect the continuing operation of the amendments made by it (see section 15(1) of the Interpretation of Legislation Act 1984). ═══════════════ s. 4 -- 4 of 5 -- Monetary Units Amendment Act 2012 No. 33 of 2012 4 Authorised by the Chief Parliamentary Counsel ENDNOTES † Minister's second reading speech— Legislative Assembly: 2 May 2012 Legislative Council: 24 May 2012 The long title for the Bill for this Act was "A Bill for an Act to amend the Monetary Units Act 2004 to provide for the value of a fee unit, the value of a penalty unit and the annual rate for the financial year commencing on 1 July 2012 and for other purposes." Endnotes -- 5 of 5 --