Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The HELP debt indexation factor for a person for 1 June in a financial year is the number (rounded to 3 decimal places):
(a) if the * Secretary has determined, under section 142 - 10 or 144 - 5, that the indexation of the person's * accumulated HELP debt for the financial year is to be reduced--worked out using the formula in subsection (1A); and
(b) in any other case--worked out as follows:
Method statement
Step 1. Add:
(a) the * index number for the * quarter ending on 31 March in that financial year; and
(b) the index numbers for the 3 quarters that immediately preceded that quarter.
Step 2. Add:
(a) the * index number for the * quarter ending on 31 March in the immediately preceding financial year; and
(b) the index numbers for the 3 quarters that immediately preceded that quarter.
Step 3. The HELP debt indexation factor for 1 June in the financial year is the amount under step 1 divided by the amount under step 2.
(1A) For the purposes of paragraph (1)(a), the formula to work out the * HELP debt indexation factor for the person is:
where:
"A" means the * HELP debt indexation factor for 1 June in the financial year worked out using the method statement in subsection (1).
"B" means the number of days in the applicable calendar year determined for the person by the * Secretary under subsection 142 - 10(2) or 144 - 5(2).
(2) For the purposes of rounding a * HELP debt indexation factor, the third decimal place is rounded up if, apart from the rounding:
(a) the factor would have 4 or more decimal places; and
(b) the fourth decimal place would be a number greater than 4.