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While reading the SSMA 1996 this afternoon, I came across various provisions for penalty units, but couldn’t find an explanation anywhere. Perhaps I am more myopic than I realise; however, I need help once again. What are the “penalty units”? I understand the “penalty” part & I also understand the meaning of “unit”, but not in relation to “penalty”. Help please!
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The references to “penalty units” within Legislation where they apply is just a means to avoid prescribing monetary penalties that would need to be updated from time to time in accordance with the CPI (and Governments’ desire for more income) and therefore necessitate re-writing of the applicable sections of the Act/s.
One penalty unit is currently worth $110.00.
I don’t know why you’d want to know, but in NSW adjustments to the monetary value of a penalty unit is made by the Treasurer, via The Office of State Revenue, and under the provisions of a fancy bit of Legislation called the Statute Law (Miscellaneous Provisions) Act 1997; so a search on their website or in fact on any “regulators” website such as Police, Fair Trading, WorkCover, or EPA would be a good start.