Victorian Current Acts

SALE OF LAND ACT 1962 - SECT 10I

    (1)     The threshold amount for a calendar year is to be determined in accordance with the following formula—

        (a)     for a contract entered into on or after 1 January 2024 and on or before 31 December 2024, $10 000 000;

        (b)     for each subsequent calendar year, the amount determined in accordance with the following formula—

where—

        TA     is the threshold amount being determined for a calendar year;

        A     is the amount of the threshold amount for the previous calendar year, as rounded up or down in accordance with subsection (2);

        B     is the sum of—

        (a)     the consumer price index number for the last reference period in the calendar year preceding the previous calendar year; and

        (b)     the total of the consumer price index numbers for each of the reference periods (other than the last) in the previous calendar year;

        C     is the sum of—

        (a)     the consumer price index number for the last reference period in the calendar year one year earlier than the calendar year referred to in paragraph (a) of B; and

        (b)     the total of the consumer price index numbers for each of the reference periods (other than the last) in the calendar year one year earlier than the calendar year referred to in paragraph (b) of B.

Example

In the case of a determination of the threshold amount for 2025, "A" is the threshold amount for 2024, "B" is the sum of the consumer price index numbers for December 2023, March 2024, June 2024 and September 2024 and "C" is the sum of the consumer price index numbers for December 2022, March 2023, June 2023 and September 2023.

    (2)     The threshold amount determined under subsection (1)(b) is to be rounded up or down to the nearest $100 000 and, if the amount of the CPI to be adjusted is an exact multiple of $50 000, is to be rounded up.

    (3)     The Director of Consumer Affairs must publish the threshold amount for a calendar year on an appropriate website on or before 1 December in the calendar year preceding the relevant calendar year.

    (4)     A failure to comply with subsection (3) in respect of a calendar year does not affect the operation of section 10G in respect of the threshold amount for that year.

    (5)     In this section—

"consumer price index" means the all groups consumer price index weighted average of eight capital cities in original terms published by the Australian Bureau of Statistics as at 15 November immediately preceding the date on which the Director of Consumer Affairs publishes the threshold amount under subsection (3).

S. 11 amended by No. 8661 s. 40(c)(e)(f), substituted by Nos 53/1988 s. 45(Sch. 2 item 64) (as amended by No. 47/1989 s. 19(ze)(ii)), 69/2006 s. 218.