33ACAdjustable amounts

33AC Adjustable amounts

33AC Adjustable amounts

(1) Each adjustable amount is to be adjusted for the year commencing on 1 July 2020, and each subsequent year, in accordance with this section.

(2) The adjustable amounts that are to apply for a year are to be calculated by multiplying the adjustable amounts that applied before any adjustment under this Division by A/B where—

A is the CPI number for the March quarter in the year immediately preceding the year for which the amount is calculated.

B is the CPI number for the March quarter of 2019.

A/B is calculated to the nearest 3 decimal places (and a fourth decimal place of 5 is to be rounded up).

(3) An adjustable amount determined in accordance with this section is to be rounded to the nearest $1,000 (and an amount of $500 is to be rounded up).

(4) However, if the adjustable amount calculated for any year is less than the amount that applied for the previous year, then the amount for that previous year applies instead.

ch 2, pt 3, div 3 (ss 33AB–33AF): Ins 2019 No 8, Sch 1 [6].