Indexation of penalty amounts
4 Indexation of penalty amounts
The amount of each monetary penalty set out in clause 1, 2 or 3 must be indexed for the year commencing on 1 July 2024, and for each subsequent year, in accordance with this clause.
The amount of a monetary penalty applying in each year is to be calculated as follows:
Start formula A times start fraction B over C end fraction end formula
where:
A is the amount of the monetary penalty set out in clause 1, 2 or 3.
B is the CPI number for the March quarter in the year immediately preceding the year for which the amount is calculated.
C is the CPI number for the March quarter of 2022.
For CPI number and year, see clause 7.
If the amount of a monetary penalty calculated for a year is less than the amount that applied in the previous year, then the amount for the previous year continues to apply.
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