Commonwealth legislation

Factor to Index an Accumulated HEC Debt (April 2004)

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

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This notice sets the 1 June 2004 inflation indexation for HEC student debts, increasing outstanding balances by a factor of 1.024 (2.4%). It applies to Australians with accumulated HEC obligations.

The indexation is calculated from the Consumer Price Index to preserve the real value of government-held student loans.

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Factor to Index an Accumulated HEC Debt (April 2004)

AUSTRALIAN TAXATION OFFICE

HIGHER EDUCATION FUNDING ACT 1988

Factor to Index an Accumulated HEC Debt

I, ERIN KATHLEEN HOLLAND, as delegate of the Commissioner of Taxation, HEREBY NOTIFY, pursuant to subsection 106N(9) of the Higher Education Funding Act 1988, that 1.024 is the factor to be used for the indexing of accumulated HEC debts on 1 June 2004.

In accordance with subsection 106N(5) of the Higher Education Funding Act 1988, the indexation factor is the number worked out to three decimal places using the formula:

the sum of the index number for the March 2004 quarter and the index numbers for the 3 immediately preceding quarters

divided by

the sum of the index number for the March 2003 quarter and the index numbers for the 3 immediately preceding quarters,

where 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.

Indexation factor for 1 June 2004 = Mar04+Dec03+Sep03+Jun03.

Mar03+Dec02+Sep02+Jun02

= 144.1 + 142.8 + 142.1 + 141.3

141.3 + 139.5 + 138.5 + 137.6

= 570.3

556.9

= 1.024 (rounded to 3 decimal places)

The indexation factor is 1.024 and the effective percentage increase is 2.4%.

Dated this ________30th_____ day of __April______________ 2004

__________signed Erin Holland________________

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Factor to Index an Accumulated HEC Debt (April 2004)