Victorian Current Acts

ADMINISTRATION AND PROBATE ACT 1958 - SECT 70M

    (1)     From the commencement of this section until subsection (2) applies, the amount of the partner's statutory legacy is $451 909.

    (2)     From the financial year commencing immediately after the commencement of subsection (1) and for each subsequent financial year, the amount of the partner's statutory legacy must be calculated in accordance with the following formula—with the following formula—

A ×

where—

        A     is—

        (a)     $451 909; or

        (b)     if an amount has been calculated in accordance with this formula and that amount is greater than $451 909, the amount as last calculated;

        B     is the All groups consumer price index for Melbourne in original terms for the most recent reference period in the preceding calendar year most recently published by the Australian Bureau of Statistics as at 15 June immediately preceding the date on which the variation is made;

        C     is the All groups consumer price index for Melbourne in original terms for the corresponding reference period one year earlier than the reference period referred to in B published by the Australian Bureau of Statistics as at 15 June immediately preceding the date on which the variation is made.

    (3)     If the amount of the partner's statutory legacy has been calculated under subsection (2) and—

        (a)     the amount is reduced, the reduced amount does not take effect, except for the purpose of the application of the formula under this section in the following year; or

        (b)     if, in the next or subsequent financial year the amount of the partner's statutory legacy is increased following a reduction referred to in paragraph (a), that amount has effect as an increase only to the extent (if any) that—

              (i)     the amount of the increase exceeds the amount of the reduction in the previous financial year; or

              (ii)     part of the reduction has not been set off against a previous increase.

    (4)     For the purpose of calculating the amount of the partner's statutory legacy in accordance with the formula under this section—

        (a)     if the amount of the variation is less than $1000, it must be rounded to the nearest whole $1; and

        (b)     if the amount of the variation is $1000 or more, it must be rounded to the nearest whole $10.

S. 70N inserted by No. 41/2017 s. 11.