Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If an amount (the affected amount ) is:
(a) an amount described in the table in section 198G that is indexed under Division 18 of Part IIIB or under section 198, 198A, 198D or 198F; or
(b) the amount described in section 198GA; or
(c) a maximum basic rate provided for in point SCH6 - B1; or
(d) a pension supplement provided for in point SCH6 - BA2; or
(e) an amount provided for in paragraph 30(1)(a); or
(f) a pension supplement provided for in subsection 30(1A);
this section applies to modify the way the amount is indexed under that Division or section (as the case may be) for a limited period after 19 March 2001.
Method statement
Step 1. Work out the current figure for the affected amount on 19 March 2001.
Step 2. Multiply the current figure by 0.02. The result is the provisional overall adjustment amount .
Step 3. Round off the provisional overall adjustment amount in accordance with subsections (6) to (8), using:
(a) for an affected amount described in the table in section 198G--the rounding base set out in that table for that amount; and
(b) for the amount described in section 198GA--the rounding base of $5.20; and
(c) for a maximum basic rate provided for in point SCH6 - B1--the rounding base of $2.60; and
(d) for a pension supplement provided for in point SCH6 - BA2--the rounding base of $0.10; and
(e) for an amount provided for in paragraph 30(1)(a)--the rounding base of $0.10; and
(f) for a pension supplement provided for in subsection 30(1A)--the rounding base of $0.10.
The result is the overall adjustment amount .
Step 4. For the first indexation day for an affected amount that occurs after 19 March 2001, subtract the current figure from the indexed amount (arrived at using the method statement in subsection 59C(2)). The result (which could be zero) is the first indexation increase amount .
Step 5. Compare the overall adjustment amount with the first indexation increase amount. If the overall adjustment amount is equal to or less than the first indexation increase amount, go to step 6. If the overall adjustment amount is greater than the first indexation increase amount, go to step 9.
Step 6. Subtract the overall adjustment amount from the indexed amount referred to in step 4.
Step 7. If the indexed amount is a pension supplement, round off the result in accordance with subsections (6) to (8) (as if the amount were a provisional overall adjustment amount), using the rounding base of $2.60.
Step 8. The result obtained under step 6 or step 7 (as the case requires) is taken to be the indexed amount for the purposes of step 5 of the method statement in subsection 59C(2) and this section has no further application in relation to the affected amount.
Note: The indexed amount for the purposes of step 5 of the method statement in subsection 59C(2) may be increased under section 59EA in certain cases. Similarly, if the indexed amount is a rate worked out under section 198, that amount may be increased under subsection 198(6) or (7) in certain cases.
Step 9. The indexed amount for the purposes of step 5 of the method statement in subsection 59C(2) is taken to be equal to the current figure worked out under step 2 of the method statement in subsection 59C(2). Go to step 10.
Note: The indexed amount for the purposes of step 5 of the method statement in subsection 59C(2) may be increased under section 59EA in certain cases. Similarly, if the indexed amount is a rate worked out under section 198, that amount may be increased under subsection 198(6) or (7) in certain cases.
Step 10. For the second indexation day for the affected amount that occurs after 19 March 2001, subtract the first indexation increase amount from the overall adjustment amount. The result is the remaining adjustment amount .
Step 11. Subtract the current figure from the indexed amount (arrived at using the method statement in subsection 59C(2)). The result (which could be zero) is the second indexation increase amount .
Step 12. Compare the remaining adjustment amount with the second indexation increase amount. If the remaining adjustment amount is equal to or less than the second indexation increase amount, go to step 13. If the remaining adjustment amount is greater than the second indexation increase amount, go to step 16.
Step 13. Subtract the remaining adjustment amount from the indexed amount.
Step 14. If the indexed amount is a pension supplement, round off the result in accordance with subsections (6) to (8) (as if the amount were a provisional overall adjustment amount), using the rounding base of $2.60.
Step 15. The result obtained under step 13 or step 14 (as the case requires) is taken to be the indexed amount for the purposes of step 5 of the method statement in subsection 59C(2) and this section has no further application in relation to the affected amount.
Note: The indexed amount for the purposes of step 5 of the method statement in subsection 59C(2) may be increased under section 59EA in certain cases. Similarly, if the indexed amount is a rate worked out under section 198, that amount may be increased under subsection 198(6) or (7) in certain cases.
Step 16. The indexed amount for the purposes of step 5 of the method statement in subsection 59C(2) is taken to be equal to the current figure worked out under step 2 of the method statement in subsection 59C(2). Go to step 17.
Note: The indexed amount for the purposes of step 5 of the method statement in subsection 59C(2) may be increased under section 59EA in certain cases. Similarly, if the indexed amount is a rate worked out under section 198, that amount may be increased under subsection 198(6) or (7) in certain cases.
Step 17. Repeat the method set out in steps 10 to 16 in relation to the third indexation day and to subsequent indexation days until the remaining adjustment amount is zero.
Meaning of terms in method statement if amount is indexed under section 198, 198A, 198D or 198F
(2) For the purposes of applying the Method statement in this section to an affected amount indexed under section 198, 198A, 198D or 198F, the following expressions used in the Method statement have the meanings set out below:
"current figure" , as at a particular time, means the rate most recently substituted for a relevant rate under section 198, 198A, 198D or 198F (as the case may be) before that time.
"indexed amount" means the rate worked out under subsection (4) of section 198, 198A, 198D or 198F (as the case may be).
Modifications to method statement if amount is indexed under section 198, 198A, 198D or 198F
(3) If the affected amount is indexed under section 198, 198A, 198D or 198F, the following Steps in the Method statement in this section are to be read with the following modifications:
(a) Step 4--as if the words "(arrived at using the Method statement in subsection 59C(2))" were omitted;
(b) Step 8--as if the words "Step 5 of the Method statement in subsection 59C(2)" were omitted and the words "section 198, 198A, 198D or 198F (as the case may be)" were substituted;
(c) Step 9--as if the words "Step 5 of the Method statement in subsection 59C(2) is taken to be equal to the current figure worked out under Step 2 of the Method statement in subsection 59C(2)" were omitted and the words "section 198, 198A, 198D or 198F (as the case may be) is taken to be equal to the current figure" were substituted;
(d) Step 11--as if the words "arrived at using the Method statement in subsection 59C(2))" were omitted;
(e) Step 15--as if the words "Step 5 of the Method statement in subsection 59C(2)" were omitted and the words "section 198, 198A, 198D or 198F (as the case may be)" were substituted;
(f) Step 16--as if the words "Step 5 of the Method statement in subsection 59C(2) is taken to be equal to the current figure worked out under Step 2 of the Method statement in subsection 59C(2)" were omitted and the words "section 198, 198A, 198D or 198F (as the case may be) is taken to be equal to the current figure" were substituted.
Application of section 59EA
(4) Section 59EA does not apply at Step 4 or Step 11 of the Method statement in this section.
Application of subsections 198(6) and (7)
(5) Subsections 198(6) and (7) do not apply at Step 4 or Step 11 of the Method statement in this section.
Rounding of provisional overall adjustment amounts
(6) If a provisional overall adjustment amount is a multiple of the rounding base, the provisional overall adjustment amount is the overall adjustment amount.
(7) If a provisional overall adjustment amount is not a multiple of the rounding base, the overall adjustment amount is the provisional overall adjustment amount rounded up or down to the nearest multiple of the rounding base.
(8) If a provisional overall adjustment amount is not a multiple of the rounding base, but is a multiple of half the rounding base, the overall adjustment amount is the provisional overall adjustment amount rounded up to the nearest multiple of the rounding base.