sec.213EAdjustment and rounding of particular amounts

sec.213E Adjustment and rounding of particular amounts

This section applies in relation to each of the following amounts under this part— the minimum amount for a medium-sized contractual arrangement; the minimum amount for a large-sized contractual arrangement; the maximum amount for a valuable non-current asset. On 1 July in each year— the amount is adjusted under subsection (3) ; and the adjusted amount is rounded to— for the minimum amount for a large-sized contractual arrangement—the nearest multiple of $1,000; or for another amount—the nearest multiple of $100. The amount is adjusted using the following formula— where— AA means the adjusted amount. A means the amount as it was in effect immediately before 1 July in the year. B means the CPI for the March quarter in the year. C means the CPI for the March quarter in the previous year. However, if the adjustment or rounding of the amount under this section would reduce the amount so it is lower than the amount that was in effect immediately before 1 July in the year (the former amount ), the adjusted and rounded amount is taken to be the former amount. The chief executive must publish on the department’s website each of the amounts, as adjusted and rounded under this section, while the amount is in effect. In this section— CPI means the index number for Brisbane stated in the all groups consumer price index numbers and percentage changes published by the Australian Bureau of Statistics. March quarter , in a year, means the quarter in the year starting on 1 January and ending on 31 March. s 213E ins 2025 SL No. 161 s 9 (sec.213E-ssec.1) This section applies in relation to each of the following amounts under this part— the minimum amount for a medium-sized contractual arrangement; the minimum amount for a large-sized contractual arrangement; the maximum amount for a valuable non-current asset. (sec.213E-ssec.2) On 1 July in each year— the amount is adjusted under subsection (3) ; and the adjusted amount is rounded to— for the minimum amount for a large-sized contractual arrangement—the nearest multiple of $1,000; or for another amount—the nearest multiple of $100. (sec.213E-ssec.3) The amount is adjusted using the following formula— where— AA means the adjusted amount. A means the amount as it was in effect immediately before 1 July in the year. B means the CPI for the March quarter in the year. C means the CPI for the March quarter in the previous year. (sec.213E-ssec.4) However, if the adjustment or rounding of the amount under this section would reduce the amount so it is lower than the amount that was in effect immediately before 1 July in the year (the former amount ), the adjusted and rounded amount is taken to be the former amount. (sec.213E-ssec.5) The chief executive must publish on the department’s website each of the amounts, as adjusted and rounded under this section, while the amount is in effect. (sec.213E-ssec.6) In this section— CPI means the index number for Brisbane stated in the all groups consumer price index numbers and percentage changes published by the Australian Bureau of Statistics. March quarter , in a year, means the quarter in the year starting on 1 January and ending on 31 March.