Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) An amount referred to in an item in the CPI Indexation Table below is to be indexed under this section in each year on the indexation day in that item, using the reference quarter in that item and rounding to the nearest multiple of 10 cents. However, if the amount is not a multiple of 10 cents but it is a multiple of 5 cents, the amount is to be increased by 5 cents.
CPI INDEXATION TABLE | |||
Item | Amount | Indexation day | Reference quarter |
1. | General patient charge | 1 January | September |
2. | General patient reduced charge | 1 January | September |
3. | Concessional beneficiary charge | 1 January | September |
4. | General patient safety net | 1 January | September |
5. | Increased discounting upper Commonwealth price | 1 January | September |
(1A) Despite subsection (1), the general patient safety net is not to be indexed on 1 January 2020.
(2) Where an amount is to be indexed on an indexation day, this Act has effect as if the indexed amount were substituted for that amount on that day.
Note: The Department can tell you what the current indexed amounts are.
(3) Subject to this section, the indexed amount for an amount to be indexed is worked out using the formula:
where:
"Current figure" , as at a particular time in relation to an amount to be indexed, means:
(a) if the amount has not yet been indexed under this section before that time--the amount; and
(b) if the amount has been indexed under this section before that time--the amount most recently substituted for the amount under this section before that time.
"Indexation factor" means the figure worked out under subsection (4).
(4) Subject to subsections (5) and (6), the indexation factor for an amount to be indexed on an indexation day is worked out using the formula:
where:
"Most recent index number" means the index number for the most recent reference quarter for the amount ending before the indexation day.
"Previous index number" means the index number for the reference quarter for the amount immediately preceding the most recent reference quarter for the amount ending before the indexation day.
(5) Subject to subsections (6) and (7), an indexation factor is to be worked out to 3 decimal places.
(6) If an indexation factor worked out under subsection (5) would, if it were worked out to 4 decimal places, end in a number that is greater than 4, the indexation factor is to be increased by 0.001.
(7) If an indexation factor worked out under subsections (4), (5) and (6) would be less than 1, the indexation factor is to be increased to 1.
(8) Subject to subsection (9), if at any time (whether before or after the commencement of this section), the Australian Statistician publishes an index number for a quarter in substitution for an index number previously published by the Statistician for that quarter, the publication of the later index number is to be disregarded for the purposes of this section.
(9) If at any time (whether before or after the commencement of
this section) the Australian Statistician changes the index reference period
for the Consumer Price Index, regard is to be had, for the purposes of
applying this section after the change takes place, only to index numbers
published in terms of the new index reference period.