16Annual increase in fees

16 Annual increase in fees

(1) The amount of each fee mentioned in Schedule 1 is increased on 1 July 2019, and on each 1 July following that day. Fees other than financial hardship fees (2) Subsections (3) and (4) apply to a fee mentioned in Schedule 1 other than a fee described as a financial hardship fee. (3) If, in a relevant period, the latest CPI number is greater than the earlier CPI number, the fee is increased, on 1 July immediately following the end of the period, in accordance with the formula: Image unavailable in extracted text where:

earlier CPI number is the CPI number for the last March quarter before the start of the relevant period.

fee is the fee in force at the end of the relevant period.

latest CPI number is the CPI number for the last March quarter before the end of the relevant period.

(4) The amount of the fee worked out under subsection (3) is to be rounded to an amount of dollars and cents and then further rounded as follows: (a) if the amount is $50 or more—the amount is to be rounded to the nearest amount that is a multiple of $5; (b) if the amount is less than $50—the amount is to be rounded to the nearest whole dollar; (c) if the amount to be rounded is 50 cents, the amount is to be rounded down. Financial hardship fee (5) If: (a) a fee (the first fee) is increased and rounded under subsections (3) and (4); and (b) the item in Schedule 1 that mentions the fee also mentions a financial hardship fee; the financial hardship fee is increased, at the same time as the first fee, in accordance with subsection (6). (6) The increased financial hardship fee is one‑third of the amount of the first fee (as increased and rounded under subsections (3) and (4)), rounded down to the nearest multiple of $5. Other rules (7) If the Australian Statistician publishes for a particular March quarter a CPI number in substitution for a CPI number previously published by the Australian Statistician for that quarter, the publication of the later CPI number is disregarded for this section. (8) However, if the Australian Statistician changes the reference base for the Consumer Price Index, then for the application of this section after the change is made, regard must be had only to CPI numbers published in terms of the new reference base. (9) In this section:

CPI number means the All Groups Consumer Price Index number (being the weighted average of the 8 Australian capital cities) published by the Australian Statistician.

March quarter means a period of 3 months ending at the end of March.

relevant period means a financial year starting on or after 1 July 2018.