10MIndexation of amounts

10M Indexation of amounts

(1) The indexation factor for a calendar year (the current year) is worked out using the formula:

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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 June quarter means the June quarter before the recent June quarter.

recent June quarter means the June quarter in the year before the current year.

(2) The indexation factor worked out under subsection (1) must be rounded up or down to 3 places (rounding up in the case of exactly halfway between). (3) If at any time (whether before or after the commencement of this section) the Australian Statistician has changed or changes the reference base for the Consumer Price Index, then, for the purposes of applying this section after the change, only index numbers published in terms of the new reference base are to be used.