70Increase of penalty amounts

70 Increase of penalty amounts

70 Increase of penalty amounts

(1) This section applies for the purposes of section 737(2) of the Law.

(2) The amount of the increase of each penalty that is to happen on each 1 July, as stated in section 737 of the Law, is the amount decided in accordance with the following formula—

(3) The amount decided under subsection (2) is to be rounded up or down to the nearest multiple of $10.00 (rounding an amount of $5.00 upwards).

(4) If the amount worked out under subsections (2) and (3) for a particular 1 July is less than nil, no increase happens on that 1 July.

(5) The CPI indexation factor for a particular 1 July is the amount of percentage points worked out using the following formula—

where—

index number, for a quarter, means the All Groups Consumer Price Index number that is the weighted average of the 8 capital cities and is published by the Australian Statistician for that quarter.

previous calendar year means the last calendar year before the recent calendar year.

recent calendar year means the calendar year that ended most recently before the 1 July in question.