Calculation of increase
9AB Calculation of increase
In this regulation:
CPI number means the All Groups Consumer Price Index number (that is, the weighted average of the 8 Australian capital cities) published by the Australian Statistician.
earlier CPI number, for a financial year, means the CPI number for the last March quarter before the beginning of the financial year.
latest CPI number, for a financial year, means the CPI number for the last March quarter before the end of the financial year.
rate means a rate prescribed by subregulation 9(11), (12), (13) or (15).
relevant financial year means a financial year beginning on or after 1 July 2006.
relevant rate, for a financial year, means the rate applying in the financial year.
If, for a relevant financial year, the latest CPI number is greater than the earlier CPI number, a rate is taken to increase, on 1 July of the next financial year, in accordance with the following formula:
Start formula start fraction relevant rate times latest CPI number over earlier CPI number end fraction end formula
If, apart from this subregulation, a rate prescribed by subregulation 9(11) and increased under subregulation (2) is not a multiple of 0.1 cents, the rate is to be rounded to the nearest multiple of 0.1 cents and, if the amount to be rounded is 0.05 cents, rounded up.
If, apart from this subregulation, a rate prescribed by subregulation 9(12), (13) or (15) and increased under subregulation (2) is not a multiple of 10 cents, the rate is to be rounded to the nearest multiple of 10 cents and, if the amount to be rounded is 5 cents, rounded up.
If, at any time, whether before or after the commencement of this regulation, the Australian Statistician publishes for a particular March quarter a CPI number in substitution for a CPI number previously published by the Australian Statistician for the quarter, the publication of the later CPI number is to be disregarded for this regulation.
However, if, at any time, whether before or after the commencement of this regulation, the Australian Statistician changes the reference base for the Consumer Price Index, then, in applying this regulation after the change is made, regard is to be had only to numbers published in terms of the new reference base.
This Act’s bill:Explanatory statement
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