Indexation of amounts
59C Indexation of amounts
If an amount is to be indexed under this Subdivision on an indexation day, this Act has effect as if the indexed amount were substituted for that amount on that day.
This is how to work out the indexed amount for an amount that is to be indexed under this Subdivision on an indexation day:
Method statement
Step 1. Use section 59D to work out the indexation factor for the amount on the indexation day.
Step 2. Work out the current figure for the amount immediately before the indexation day.
Step 3. Multiply the current figure by the indexation factor: the result is the provisional indexed amount.
Step 5. Use section 59E to round off the provisional indexed amount: subject to section 59EAA, the result is the indexed amount.
The indexed amount (including one replaced under section 59EAA) may be increased under section 59EA in certain cases.
For current figure see subsection 5NA(1).
On the indexation days following 19 March 2001, the indexation of amounts that were increased by 4% or 10% on 1 July 2000 may be affected by section 198H.
The first indexation of amounts under items 1A, 1B and 1C of the CPI Indexation Table in subsection 59B(1) is to take place on 20 March 2010.
For the purposes of working out the indexed amount for pension single property owner AVL on 1 July 2017, the current figure for pension single property owner AVL immediately before that day is taken to be $250,000.
For the purposes of working out the indexed amount for pension partnered property owner AVL on 1 July 2017, the current figure for pension partnered property owner AVL immediately before that day is taken to be $187,500.
For the purposes of working out the indexed amount for pension partnered non‑property owner AVL on 1 July 2017, the current figure for pension partnered non‑property owner AVL immediately before that day is taken to be $287,500.
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