Indexation of individual and family PPL income limits
42 Indexation of individual and family PPL income limits
Indexation day
Subject to subsection (2), the amount of the individual PPL income limit and the amount of the family PPL income limit are to be indexed under this Subdivision on 1 July each year (the indexation day).
The first indexation day for an amount of the individual PPL income limit is 1 July 2021 and the first indexation day for an amount of the family PPL income limit is 1 July 2024.
Working out the indexed amount for the individual and family PPL income limits
This is how to work out the indexed amount for the individual and family PPL income limits on the indexation day:
Method statement
Step 1. Work out the amount (the previous amount) for the relevant income limit that applied on the day immediately before the indexation day.
Step 2. Use section 43 to work out the indexation factor on the indexation day.
Step 3. Multiply the previous amount by the indexation factor: the result is the provisional indexed amount.
Step 4. Use section 44 to round off the provisional indexed amount: the result is the indexed amount.
This Act’s bill:Explanatory memorandumSecond reading speech
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