Document ID: chunk:federal_register_of_legislation:C2024C00458:section:54
Version: federal_register_of_legislation:C2024C00458
Segment Type: section
Provision Reference: s 54
Character Range: 235280–236258

54  Rounding off instalments of social security payments
 (1) In this section:
instalment means an instalment of a social security payment.
Note: 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.
 (2) If the amount of an instalment would be:
 (a) one or more whole dollars and a part of a cent; or
 (b) 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.
 (3) If the amount of an instalment would be:
 (a) one or more whole dollars and 0.5 cent; or
 (b) one or more whole dollars and cents and 0.5 cent;
the amount is to be increased by 0.5 cent.
 (4) 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.