Indexation of fees
90C Indexation of fees
At the start of each financial year (an indexation year) beginning on or after 1 July 2020, a dollar amount mentioned in Schedule 13 is replaced by the amount worked out using the formula:
Start formula Indexation factor for the indexation year times Dollar amount for the previous year end formula
In subsection (1), a dollar amount includes:
the amount of a fee; and
a component of a fee expressed as an hourly rate.
The indexation factor for an indexation year is the number worked out using the following formula:
where:
base quarter means the last March quarter before the reference quarter.
index number for a quarter, means the All Groups Consumer Price Index number (being the weighted average of the 8 capital cities) published by the Australian Statistician for that quarter.
reference quarter means the March quarter in the last year before the indexation year.
An indexation factor is to be calculated to 3 decimal places (rounding up if the fourth decimal place is 5 or more).
An indexation factor that is less than 1 is to be increased to 1.
Amounts worked out under subregulation (1) are to be rounded to the nearest whole dollar (rounding 50 cents upwards).
Calculations under subregulation (3):
are to be made using only the index numbers published in terms of the most recently published index reference period; and
are to be made disregarding index numbers that are published in substitution for previously published index numbers (except where the substituted numbers are published to take account of changes in the index reference period).
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