52Annual indexation for fees

52 Annual indexation for fees

Fees for certificates (1A) This section applies to the dollar amounts (the indexed amount) specified in the table in subsection 50B(1). (1B) On 1 July 2023 and each subsequent 1 July (an indexation day), if the indexation factor for an indexation day is greater than 1, each indexed amount is replaced by an amount worked out using the following formula:Start formula Indexation factor for the indexation day times Indexed amount immediately before the indexation day end formula Fees for other services (1) This section applies to the dollar amounts (the indexed amount) specified in the following provisions: (a) the table in subsection 50(1); (b) subsection 50(2); (c) the table in subsection 50(2A); (d) section 50A; (e) the tables in subsections 50C(1) and 51(1). (2) On 1 July 2017 and each subsequent 1 July (an indexation day), if the indexation factor for an indexation day is greater than 1, each indexed amount is replaced by an amount worked out using the following formula: Start formula Indexation factor for the indexation day times Indexed amount immediately before the indexation day end formula Indexation factor (3) For the purposes of subsections (1B) and (2), the indexation factor for an indexation day is the number worked out using the following formula: Start formula start fraction Index number for the reference quarter over Index number for the base quarter end fraction end formula where:

base quarter means the March quarter ending 1 year before the reference quarter ends.

index number, for a quarter, means the All Groups Consumer Price Index number (being the weighted average of the 8 capital cities) published by the Australian Statistician.

March quarter means a period of 3 months ending on 31 March.

reference quarter means the March quarter immediately before the indexation day.

(4) An indexation factor is to be calculated to 3 decimal places (rounding up if the fourth decimal place is 5 or more). (5) An amount calculated under subsection (1B) or (2) is to be rounded down to the nearest whole dollar. (6) Calculations under subsection (3): (a) are to be made using only the index numbers published in terms of the most recently published index reference period; and (b) are to be made disregarding index numbers that are published in substitution for previously published index numbers (except where the substituted numbers are published to take account of changes in the index reference period).