72Increase of fee amounts

72 Increase of fee amounts

72 Increase of fee amounts

(1) This section applies to the fees in Schedule 1 for section 740A(2) of the Law.

(2) The amount of the increase of each fee that is to happen on each 1 July, as stated in section 740A 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 $1.00, rounding an amount of 50c 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.

s 72: Ins 2017 (329), sec 8.