28ZAAIndexing relevant amounts

28ZAA Indexing relevant amounts

(1) The amount mentioned in paragraph 28ZA(5)(e) is to be indexed on the first day of each financial year, starting on 1 July 2031, by multiplying it by its indexation factor for 1 June in the preceding financial year. (2) The indexation factor for 1 June in a financial year is the number worked out as follows:

Method statement

Step 1. Add:

(a) the index number for the quarter ending on 31 March in that financial year; and

(b) the index numbers for the 3 quarters that immediately preceded that quarter.

Step 2. Add:

(a) the index number for the quarter ending on 31 March in the immediately preceding financial year; and

(b) the index numbers for the 3 quarters that immediately preceded that quarter.

Step 3. The indexation factor for 1 June in the financial year is the amount under step 1 divided by the amount under step 2.

(3) The indexation factor is to be worked out to 3 decimal places, rounding up if the fourth decimal place is 5 or more. (4) The amount mentioned in paragraph 28ZA(5)(b), after indexation, must be rounded to the nearest whole dollar, and, if the amount to be rounded is 50 cents, rounded down.