Indexation of rates

Current

For the purposes of section 22(2)(a), (b), (c), (d), (e), (f) and (g) and the definition of applicable rate in section 22(5), the rate (in dollars) for each of the 2021/2022, 2022/2023, 2023/2024 and 2024/2025 financial years is to be determined in accordance with the following formula—

where—

A is the rate (in dollars) for the relevant financial year;

AF is—

(a)

for a component levy amount described in section 22(2)(a), 1·264;

(b)

for a component levy amount described in section 22(2)(b), 1·042;

(c)

for a component levy amount described in section 22(2)(c), 1·014;

(d)

for a component levy amount described in section 22(2)(d), 1·193;

(e)

for a component levy amount described in section 22(2)(e), 1·193;

(f)

for a component levy amount described in section 22(2)(f), 1·031;

(g)

for a component levy amount described in section 22(2)(g), 1·074;

B is—

(a)

for the 2021/2022 financial year, the rate specified in section 22(1)(a), (b), (c), (d), (e), (f) or (g), as the case requires;

(b)

for each of the 2022/2023, 2023/2024 and 2024/2025 financial years, the rate (in dollars) determined in accordance with this formula for the preceding financial year;

CPI is the figure determined in accordance with clause 3;

WPI is the figure determined in accordance with clause 4.

This Act’s bill:Explanatory memorandum Second reading speech

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2 Indexation of rates