14Future act determination applications—indexation of prescribed fee

14 Future act determination applications—indexation of prescribed fee

(1) In this section:

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

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

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

relevant period means a financial year starting on or after 1 July 2024.

(2) If, in a relevant period, the latest CPI number is greater than the earlier CPI number, the fee prescribed by section 10 is taken to increase, on 1 July immediately following the end of the period, in accordance with the formula: Start formula start fraction Fee times Latest CPI number over Earlier CPI number end fraction end formula where:

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

(3) If, apart from this subsection, the amount of a fee increased under subsection (2) would be an amount of dollars and cents, the amount is to be rounded to the nearest whole dollar and, if the amount to be rounded is 50 cents, rounded down. (4) Subject to subsection (5), if, at any time, whether before or after the commencement of this section, the Australian Statistician publishes for a particular March quarter a CPI number in substitution for an index number previously published by the Australian Statistician for that quarter, the publication of the later index number is to be disregarded for the purposes of this section. (5) If, at any time, whether before or after the commencement of this subsection, the Australian Statistician changes the index reference period for the Consumer Price Index, then, for the purposes of the application of this section after the change is made, regard only the numbers published in terms of the new index reference period.