8ACProtected bank account amount (Act s. 95ZB)

8AC. Protected bank account amount (Act s. 95ZB)

(1) The protected bank account amount for the purposes of section 95W is —

(a) for the financial year ending on 30 June 2021 — $509; or

(b) for any subsequent financial year — an amount in dollars calculated as follows —

where —

W is the number published by the Australian Bureau of Statistics as the Wage Price Index, ordinary time hourly rates of pay excluding bonuses for Western Australia (original) (WPI) for the last December quarter before the financial year commenced;

X is 132.4, being the WPI for the December 2019 quarter.

(2) An amount calculated under subregulation (1)(b) is to be rounded to the nearest whole number of dollars, with an amount that is 50 cents more than a whole number of dollars being rounded up.

(3) If the calculation under subregulation (1)(b) cannot be performed in relation to a financial year because the WPI for the relevant quarter was not published, the protected bank account amount for that financial year is the same as for the previous financial year.

[Regulation 8AC inserted: SL 2020/167 r. 15.]