Commonwealth Consolidated Acts Commonwealth Consolidated Acts( 1 ) On 1 August of the year 2021 (the current year ) and each later year (the current year ) an amount mentioned in paragraph 8 (2) (a) or (b) or 9 (3)(a) or (b) is replaced by the amount worked out using the formula:
(2) Subsection ( 1) does not apply to an amount mentioned in paragraph 8(2)(a) or (b) if the Minister has determined an amount for the purposes of that paragraph for the current year.
Indexation factor
( 3 ) The indexation factor for a 1 August is the number worked out using the formula:
where:
"base quarter" means the last September quarter before the reference quarter.
"index number" , for a quarter, means the All Groups Consumer Price Index number from the original series (being the weighted average of the 8 capital cities) published by the Australian Statistician for that quarter.
"reference quarter" means the September quarter in the year before the current year.
Rounding factors and amounts etc.
( 4 ) The indexation factor worked out under subsection ( 3 ) must be rounded up or down to 3 places (rounding up in the case of exactly halfway between).
( 5 ) An amount worked out under subsection ( 1 ) for the purposes of paragraph 8 (2) (a) or 9 (3)(a) or (b) must be rounded to the nearest whole dollar (rounding up in the case of 50 cents).
( 6 ) An amount worked out under subsection ( 1 ) for the purposes of paragraph 8 (2) (b) must be rounded to the nearest whole cent (rounding up in the case of 0.5 cent s ).
( 7 ) An indexation factor that is less than 1 is to be increased to 1.
( 8 ) If at any time (whether before or after the commencement of this section) the Australian Statistician has changed or changes the index reference period for the Consumer Price Index, then, for the purposes of applying this section after the change, only index numbers published in terms of the new index reference period are to be used.
Publication
( 9 ) The Minister must cause each amount worked out under subsection ( 1 ) to be made publicly available in any manner the Minister considers appropriate.