Adjusted payable dwelling amount
46LC Adjusted payable dwelling amount
The adjusted payable dwelling amount for a financial year is to be determined in accordance with the following formula—
where—
APDA is the adjusted payable dwelling amount being determined;
PPDA is the payable dwelling amount or the adjusted payable dwelling amount determined (as the case requires) for the previous financial year;
Example
A development contributions plan approved on 1 December 2018 specifies a dwelling amount of $1000. For the purposes of determining the adjusted payable dwelling amount—
• for the financial year beginning on 1 July 2019, "PPDA" is the payable dwelling amount for the financial year beginning on 1 July 2018, which is $1000; and
• for the financial year beginning on 1 July 2020, "PPDA" is the adjusted payable dwelling amount for the financial year beginning on 1 July 2019.
A is the sum of the producer price index numbers for—
the last reference period in the financial year 2 years earlier than the financial year in respect of which the adjusted payable dwelling amount is being determined; and
each of the reference periods (other than the last) in the financial year immediately preceding the financial year in respect of which the adjusted payable dwelling amount is being determined;
B is the sum of the producer price index numbers for—
the last reference period in the financial year 3 years earlier than the financial year in respect of which the adjusted payable dwelling amount is being determined; and
each of the reference periods (other than the last) in the financial year 2 years earlier than the financial year in respect of which the adjusted payable dwelling amount is being determined.
The adjusted payable dwelling amount determined under subsection (1) is to be rounded up or down to the nearest $10 (and, if the amount by which the amount to be rounded is $5, is to be rounded up).
In this section—
adjusted payable dwelling amount means a payable dwelling amount adjusted in accordance with section 46LB(2);
payable dwelling amount—see section 46LB(1);
producer price index means—
the producer price index for non‑residential building construction in Victoria as published by the Australian Bureau of Statistics; or
any other index specified by the Governor in Council by Order published in the Government Gazette.
S. 46M inserted by No. 50/1995 s. 3.
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