304AIndexation

304A  Indexation

 (1) In this section:

indexable amount means:

 (a) the amount of $20 referred to in paragraph 77D(1)(a); or

 (b) the amount of $20 referred to in subsection 77E(2); or

 (c) the amount of $20 referred to in subsection 77E(3); or

 (d) the amount of $10 referred to in paragraph 77E(4)(a); or

 (e) the amount of $10 referred to in paragraph 77E(4)(b); or

 (f) an amount prescribed by the regulations for the purposes of paragraph 77E(3)(a) or (4)(a); or

 (g) the amount of $3,000 referred to in paragraph 149D(1)(c); or

 (j) each amount of $3,000 referred to in section 269;

or, if any such amount has previously been altered under this section, the amount as so altered or last altered.

index number, in relation to a quarter, means the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published by the Australian Statistician in respect of that quarter.

 (2) Section 77D or 77E applies in relation to the attendance of a person on a day during a quarter that begins after the commencement of the section concerned as if the indexable amount or each indexable amount in that section were replaced by the amount worked out using the formula in subsection (6).

 (3) Section 149D applies in relation to an act, omission or transaction by a bankrupt that constituted misleading conduct that took place or was entered into on a day during a quarter that begins after the date of commencement of the section concerned as if the indexable amount in that section were replaced by the amount worked out using the formula in subsection (6).

 (5) Section 269 applies in relation to an act, omission or transaction referred to in that section that took place or was entered into on a day during a quarter that begins after the date of commencement of section 41 of the Bankruptcy Amendment Act 1991 as if each indexable amount in section 269 were replaced by the amount worked out using the formula in subsection (6).

 (6) The formula for the purposes of subsections (2), (3) and (5) is:

  Start formula Previous indexable amount times Indexation factor end formula

where:

Previous indexable amount means the indexable amount for the previous quarter.

Indexation factor means the indexation factor for the quarter worked out under subsection (8).

 (7) If, apart from this subsection, an amount worked out under subsection (6) would be an amount of dollars and cents, the amount is to be rounded to the nearest dollar (rounding 50 cents upwards).

 (8) The indexation factor for a quarter is the number (worked out to 3 decimal places) worked out by dividing the index number for the previous quarter by the index number for the quarter that immediately preceded the previous quarter.