Rounding of amounts expressed as numbers of fee units
46AA Rounding of amounts expressed as numbers of fee units
This section applies for working out the amount of a fee expressed in this regulation as a number of fee units.
For the purpose of the Acts Interpretation Act 1954, section 48C(3), the amount is to be rounded—
if the result is not more than $100—to the nearest multiple of 5 cents (rounding one-half upwards); or
if the result is more than $100 but not more than $1,000—to the nearest multiple of 10 cents (rounding one-half upwards); or
if the result is more than $1,000 but not more than $5,000—to the nearest dollar (rounding one-half upwards); or
if the result is more than $5,000 but not more than $100,000—to the nearest multiple of 10 dollars (rounding one-half upwards); or
if the result is more than $100,000—to the nearest multiple of 100 dollars (rounding one-half upwards).
Example for paragraph (a)—
If a fee were 35 fee units and the value of a fee unit were $1.015, the number of dollars obtained by multiplying 35 by $1.015 would be $35.525. Because $35.525 is halfway between $35.50 and $35.55, it is rounded upwards, so the amount of the fee would be $35.55.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.