Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) At the start of each financial year (an indexation year ) after the financial year ending on 30 June 2029, the designated annual amount is replaced by the amount worked out using the following formula:
(2) However, subsection (1) does not apply in relation to a financial year if a determination under subsection 33C(1) has been made in relation to that financial year or a previous financial year.
(3) The indexation factor for an indexation year is the number worked out using the following formula:
where:
"base quarter" means the last March quarter before the reference quarter.
"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 for that quarter.
"reference quarter" means the March quarter in the last year before the indexation year.
(4) An indexation factor is to be calculated to 3 decimal places (rounding up if the 4th decimal place is 5 or more).
(5) Amounts worked out under subsection (1) are to be rounded to the nearest whole dollar (rounding 50 cents upwards).
(6) An indexation factor that is less than 1 is to be increased to 1.
(7) 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).