The general rule is social security payment instalments including part of a cent are rounded to the nearest cent. If the calculation of the instalment results in an amount ending in 0.5 of a cent or more it is rounded up. An instalment amount greater than nil, but less than $1.00 is rounded up to $1.00.
- $42.271 is rounded to $42.27
- $84.996 is rounded to $85.00
- $137.785 is rounded to $137.79
- $0.47 is increased to $1.00
- $0.002 is increased to $1.00
Act reference: SS(Admin)Act section 54 Rounding off instalments of social security payments
SSAct section 23(1)-'social security payment'
Where PhA is payable the minimum fortnightly instalment is the fortnightly instalment of PhA.
Explanation: An instalment is the amount determined by adding any additional components to the basic rate and then applying the income and assets tests.
Act reference: SS(Admin)Act section 43 Payment by instalments