33Annual increase in fees

33 Annual increase in fees

(1) On each 1 July (an indexation day), the dollar amounts mentioned in subsections 22(1), (2) and (3) and 27(1) are each replaced by an amount worked out using the following formula: Start formula Indexation factor for the indexation day times Dollar amount in fee provision immediately before the indexation day end formula (2) The indexation factor for an indexation day is the number worked out using the following formula: Start formula start fraction Index number for the reference quarter over Index number for the base quarter end fraction end formula where:

base quarter means the March quarter ending 1 year before the reference quarter ends.

index number, for a quarter, means the All Groups Consumer Price Index number (being the weighted average of the 8 capital cities) published by the Australian Statistician for that quarter.

March quarter means a period of 3 months ending on 31 March.

reference quarter means the March quarter immediately before the indexation day.

(3) An indexation factor is to be calculated to 3 decimal places (rounding up if the fourth decimal place is 5 or more). (4) Amounts worked out under subsection (1) are to be rounded to the nearest whole dollar (rounding 50 cents upwards). (5) An indexation factor that is less than 1 is to be increased to 1. (6) Calculations under subsection (2): (a) are to be made using only the index numbers published in terms of the most recently published index reference period; and (b) are to be made disregarding index numbers that are published in substitution for previously published index numbers (except where the substituted numbers are published to take account of changes in the index reference period). (7) The replacement of an amount under subsection (1) on an indexation day applies in relation to an application made on or after the indexation day.