51BIndexation of threshold amount

51B Indexation of threshold amount

S. 51B(1) amended by No. 44/2014 s. 33(Sch. item 31).

(1) The amount that is to apply for the purposes of section 51A is to be varied, in respect of the financial year beginning on 1 July 2007 and each subsequent financial year, in accordance with the formula—

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where—

"A" is the amount referred to in the definition of threshold amount in section 51A(6).

"B" is the all groups consumer price index for Melbourne in original terms for the most recent reference period in the preceding calendar year last published by the Australian Bureau of Statistics as at 15 June immediately preceding the date on which the variation is made.

"C" is the all groups consumer price index for Melbourne in original terms for the corresponding reference period one year earlier than the reference period referred to in B last published by the Australian Bureau of Statistics as at 15 June immediately preceding the date on which the variation is made."

(2) If it is necessary for the purposes of this section to calculate an amount that consists of or includes a fraction of a whole number, the amount is deemed to have been calculated in accordance with this section if the calculation is made—

(a) if the amount is less than $1000, to the nearest whole $1; or

(b) if the amount is $1000 or more, to the nearest whole $10.

(3) If an amount is varied in accordance with this section, section 51A and this section have effect as if a reference to the amount were a reference to the amount as so varied.

(4) If the variation of an amount to which this section applies by operation of this section has the effect of reducing the amount—

(a) the variation is deemed not to have taken effect, except for the purposes of the application of this subsection; and

(b) when the amount is varied and increased by operation of this section in respect of the next or a subsequent financial year that variation has effect as an increase only to the extent (if any) to which the amount of the increase exceeds the amount of the reduction in respect of a preceding financial year, or that part of such a reduction that has not been set off against a previous increase.

(5) The Minister must cause a notice to be published in the Government Gazette specifying the amount as varied for the purposes of section 51A in respect of the relevant financial year.

S. 51C inserted by No. 35/2006 s. 7.