For the purposes of
section 538 of the Act, the general maximum amount that applies must be
calculated by —
(a) for
the financial year commencing on 1 July 2024 —varying the
amount of $252 724 by the percentage by which the WPI varied between the
second‑last December quarter before the financial year commenced and the
last December quarter before the financial year commenced; or
(b) for
the financial year commencing on 1 July 2025 and for each financial
year after that — varying the general maximum amount for the
previous financial year by the percentage by which the WPI varied between the
second‑last December quarter before the financial year commenced and the
last December quarter before the financial year commenced.
Notes for this regulation:
1. Under
section 538(5) of the Act, if a variation of an adjustable amount would
reduce the amount for a particular period, the amount must not be varied.
2. The amount of
$252 724 is the prescribed amount before commencement which replaces the
amount of $243 991 specified as the general maximum amount in
section 538 of the Act — see section 566 of the Act.