23AIndexation of certain amounts

23A Indexation of certain amounts

[Section 23A Inserted by No. 41 of 2017, s. 19, Applied:01 Dec 2017]

(1)  An amount expressed in dollar terms (threshold amount) in section 9A(b) , section 12(a) , section 12(a)(ii) , section 13(1)(d) , section 13(1)(d)(ii) , section 14(1)(a) or section 14(1)(a)(ii) is to be indexed in accordance with this section.

(2)  For a return relating to the financial year starting on 1 July 2016, a threshold amount is not to be indexed.

(3)  For a return relating to the financial year starting on 1 July 2017 and for each subsequent financial year, a threshold amount is to be indexed in accordance with the following formula:

where –

A is the indexed amount;

B is the threshold amount;

C is the value of the CPI figure for Hobart for the March quarter immediately preceding the financial year in which the threshold amount is to apply;

D is the value of the CPI figure for Hobart for the March quarter 2017 as published with the CPI figure for Hobart used in the determination of "C".

(4)  If the value of A calculated in accordance with subsection (3) is not a multiple of $50, the amount is to be rounded off to the nearest multiple of $50, with an amount that is $25 more than a multiple of $50 being rounded off to the next highest multiple of $50.

(5)  In this section –

CPI figure for Hobart means the Consumer Price Index (All Groups) Number for Hobart published by the Australian Statistician under the authority of the Census and Statistics Act 1905 of the Commonwealth.