5Calculation of value of fee unit and determination of fee unit adjustment factor

5 Calculation of value of fee unit and determination of fee unit adjustment factor

(1)  [Section 5 Subsection (1) omitted by No. 34 of 2023, s. 5, Applied:01 Jan 2024] .  .  .  .  .  .  .  .  

(2)  [Section 5 Subsection (2) amended by No. 34 of 2023, s. 5, Applied:01 Jan 2024] The Minister is to calculate the value of a fee unit in relation to a financial year in accordance with the following formula:

where –

F1 is the value in dollars of one fee unit during the relevant financial year;

[Section 5 Subsection (2) amended by No. 34 of 2023, s. 5, Applied:01 Jan 2024] F0 is the value in dollars of one fee unit during the previous financial year as determined in accordance with section 6(3) ;

[Section 5 Subsection (2) amended by No. 21 of 2002, s. 6, Applied:01 Jan 2003] B is the average CPI figure for Hobart in respect of the 4 quarters ending on 31 December immediately preceding the financial year in which the value of a fee unit is to apply;

C is the average CPI figure for Hobart in respect of the 4 quarters immediately preceding the 4 quarters referred to in the definition of B ;

[Section 5 Subsection (2) amended by No. 21 of 2002, s. 6, Applied:01 Jan 2003] X is the fee unit adjustment factor, expressed as a decimal, determined under subsection (4) .

(3)  The value of "X" in subsection (2) must be greater than or equal to zero.

(4)  The Minister is to determine annually an amount, to be known as the fee unit adjustment factor, representing the amount by which the ratio of "B" to "C" should be adjusted to reflect any matters the Minister considers relevant for the purposes of the fee unit calculation.