Rounding off instalments of social security payments
54 Rounding off instalments of social security payments
In this section:
instalment means an instalment of a social security payment.
Subsection 43(3E) affects what is an instalment of a social security periodic payment if the Secretary has determined under subsection 43(3A) that a person is to be paid the total amount of a social security periodic payment relating to an instalment period in 2 payments.
If the amount of an instalment would be:
one or more whole dollars and a part of a cent; or
one or more whole dollars and cents and a part of a cent;
the amount is to be increased or decreased to the nearest whole cent.
If the amount of an instalment would be:
one or more whole dollars and 0.5 cent; or
one or more whole dollars and cents and 0.5 cent;
the amount is to be increased by 0.5 cent.
If, apart from this subsection, the amount of an instalment would be less than $1.00, the amount is to be increased to $1.00.
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