Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This is how to index the excess of a productivity - scored wage over an actual wage for the purposes of paragraph ( 3)(a):
Method statement
Step 1. Work out how much of the excess is attributable to wages in respect of eligible days for the person concerned in each financial year. Each such amount is the annual portion for the financial year.
Step 2. Multiply the oldest annual portion by the indexation factor specified in subsection ( 2) for the financial year to which that portion is attributable. If the result is not an amount of whole dollars, round the result up to the nearest whole dollar.
Step 3. Take the result of step 2. Add to it any annual portion for the next financial year (unless it is the 2014 - 2015 financial year, in which case go to step 4). Multiply:
(a) the total; or
(b) if there is no annual portion for the next financial year--the result of step 2;
by the indexation factor specified in subsection ( 2) for that next financial year. If the result is not an amount of whole dollars, round the result up to the nearest whole dollar.
Reapply this step for each subsequent financial year up to and including the 2013 - 2014 financial year, substituting the result of the previous application of this step for the result of step 2.
Step 4. Take the result of step 3. Add to it any annual portion for the 2014 - 2015 financial year.
Step 5. If the result is not an amount of whole dollars, round the result up to the nearest whole dollar.
(2) The indexation factors are the following:
(a) 1.025 for the 2003 - 2004 financial year;
(b) 1.025 for the 2004 - 2005 financial year;
(c) 1.04 for the 2005 - 2006 financial year;
(d) 1.021 for the 2006 - 2007 financial year;
(e) 1.044 for the 2007 - 2008 financial year;
(f) 1.014 for the 2008 - 2009 financial year;
(g) 1.031 for the 2009 - 2010 financial year;
(h) 1.035 for the 2010 - 2011 financial year;
(i) 1.02 for the 2011 - 2012 financial year;
(j) 1.024 for the 2012 - 2013 financial year;
(k) 1.03 for the 2013 - 2014 financial year.
(3) This section does not apply if:
(a) the productivity - scored wage does not exceed the actual wage; or
(b) all eligible days for the person concerned were in the 2014 - 2015 financial year.