Commonwealth legislation

Indexation factor for working out Financial Supplement debts and accumulated Financial Supplement debts (April 2004)

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

2/10 complexity

This instrument sets the annual inflation (CPI) indexation for old Financial Supplement student loans at 2.4%, effective 1 June 2004. It affects anyone still repaying debts from the pre‑HELP Student Financial Supplement Scheme and preserves the real value of those historical loans.

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Indexation factor for working out Financial Supplement debts and accumulated Financial Supplement debts (April 2004)

AUSTRALIAN TAXATION OFFICE

STUDENT ASSISTANCE ACT 1973

Indexation factor for working out Financial Supplement debts and accumulated Financial Supplement debts

I, ERIN KATHLEEN HOLLAND, as delegate of the Commissioner of Taxation, HEREBY NOTIFY, pursuant to subsection 12ZF(7A) of the Student Assistance Act 1973, that 1.024 is the indexation factor to be used for working out Financial Supplement debts and accumulated Financial Supplement debts on 1 June 2004.

In accordance with subsection 12ZF(6) of the Student Assistance Act 1973, the indexation factor is the number worked out to three decimal places using the formula:

the sum of the index number for the March 2004 quarter and the index numbers for the 3 immediately preceding quarters

divided by

the sum of the index number for the March 2003 quarter and the index numbers for the 3 immediately preceding quarters,

where index number, in relation to a quarter, means the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published by the Australian Statistician in respect of that quarter.

Indexation factor for 1 June 2004 = Mar04+Dec03+Sep03+Jun03.

Mar03+Dec02+Sep02+Jun02

= 144.1 + 142.8 + 142.1 + 141.3

141.3 + 139.5 + 138.5 + 137.6

= 570.3

556.9

= 1.024 (rounded to 3 decimal places)

The indexation factor is 1.024 and the effective percentage increase is 2.4%.

Dated this ______30th_______ day of ___April_____________ 2004

________signed by Erin Holland_________________

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Indexation factor for working out Financial Supplement debts and accumulated Financial Supplement debts (April 2004)