Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If an amount is to be indexed under this Division on an indexation day, this Act has effect as if the indexed amount were substituted for that amount on that day.
(2) This is how to work out the indexed amount for an amount that is to be indexed under this Division on an indexation day:
Method statement
Step 1. Use section 1193 to work out the indexation factor for the amount on the indexation day.
Step 2. Work out the current figure for the amount immediately before the indexation day.
Step 3. Multiply the current figure by the indexation factor: the result is the provisional indexed amount .
Step 4. Use section 1194 to round off the provisional indexed amount: subject to Division 3, the result is the indexed amount. (The indexed amount (including one replaced under Division 3) may be increased under section 1195 in certain cases.)
Note: For current figure see subsection 20(1).
(4AB) The first indexation of the amounts to which item 14AAA of the CPI Indexation Table in subsection 1191(1) relates is to take place on 1 July 2015.
(4AC) Amounts under item 14AAA of the CPI Indexation Table in subsection 1191(1) are not to be indexed on 1 July of the first financial year beginning on or after the day this subsection commences and on 1 July of the next 2 financial years.
(5) The first indexation of rent assistance under items 11 and 12 of the CPI Indexation Table in subsection 1191(1) (being those items as substituted by the Social Security Amendment (Further Simplification) Act 2004 ) is to take place on 20 September 2004.
(5AAA) The amount under item 14 of the CPI Indexation Table in subsection 1191(1), to the extent to which that item relates to the amount in column 2 of Table E in point 1068A - E14 of the Pension PP (Single) Rate Calculator, is not to be indexed on 1 July of the first financial year beginning on or after the day this subsection commences and on 1 July of the next 2 financial years.
(5AAB) Amounts under items 14AA, 14AB and 15 of the CPI Indexation Table in subsection 1191(1) are not to be indexed on 1 January of the first calendar year beginning on or after the day this subsection commences and on 1 January of the next 2 calendar years.
(5AB) Amounts under items 21, 22 and 23 of the CPI Indexation Table in subsection 1191(1) are not to be indexed on 1 July 2015 and 1 July 2016.
(5A) The first indexation of an amount under item 25 of the CPI Indexation Table in subsection 1191(1) is to take place on 1 July 2007.
(5B) The first indexation of amounts under item 26A of the CPI Indexation Table in subsection 1191(1) is to take place on 20 September 2014.
(5BB) For the purposes of working out the indexed amount for the seniors health card income limit on 20 September 2023, the current figure for the seniors health card income limit immediately before that day is taken to be:
(a) for an amount covered by column 3 of item 1, 3, 4 or 5 of the table in point 1071 - 12--$90,000; or
(b) for an amount covered by column 3 of item 2 of the table in point 1071 - 12--$72,000.
(5C) For the purposes of working out the indexed amount for pension "single" homeowner AVL on 1 July 2017, the current figure for pension "single" homeowner AVL immediately before that day is taken to be $250,000.
(5D) For the purposes of working out the indexed amount for pension "partnered" homeowner AVL on 1 July 2017, the current figure for pension "partnered" homeowner AVL immediately before that day is taken to be $187,500.
(5E) For the purposes of working out the indexed amount for pension "partnered" non - homeowner AVL on 1 July 2017, the current figure for pension "partnered" non - homeowner AVL immediately before that day is taken to be $287,500.
(5F) For the purposes of working out the indexed amount for benefit "single" homeowner AVL on 1 July 2017, the current figure for benefit "single" homeowner AVL immediately before that day is taken to be $250,000.
(5G) For the purposes of working out the indexed amount for benefit "partnered" (item 3) homeowner AVL on 1 July 2017, the current figure for benefit "partnered" (item 3) homeowner AVL immediately before that day is taken to be $187,500.
(5H) For the purposes of working out the indexed amount for benefit "partnered" (item 3) non - homeowner AVL on 1 July 2017, the current figure for benefit "partnered" (item 3) non - homeowner AVL immediately before that day is taken to be $287,500.
(7) The first indexation of amounts under items 35 and 36 of the CPI Indexation Table in subsection 1191(1) is to take place on 1 July 1997.
(8B) The student start - up loan amount (see item 41A of
the CPI Indexation Table in subsection 1191(1)) is not to be indexed on
1 January 2016.