CPI adjusted amount
96R CPI adjusted amount
S. 96R(1) amended by No. 40/2016 s. 44.
The CPI adjusted amount for a financial year is to be determined in accordance with the following formula—
where—
C is the CPI adjusted amount being determined;
T is—
for the financial year beginning on 1 July 2016, $1 million; and
for each subsequent financial year, the CPI adjusted amount determined in accordance with this section for the previous financial year;
A is the sum of the consumer price index numbers for the consecutive reference periods in the period—
commencing on 1 January in the financial year 2 years earlier than the financial year in respect of which the CPI adjusted amount is being determined; and
ending on the next following 31 December in the financial year immediately preceding the financial year in respect of which the CPI adjusted amount is being determined—
last published by the Australian Bureau of Statistics as at 15 April immediately preceding the financial year in respect of which the CPI adjusted amount is being determined;
B is the sum of the consumer price index numbers for the consecutive reference periods in the period—
commencing on 1 January in the financial year 3 years earlier than the financial year in respect of which the CPI adjusted amount is being determined; and
ending on the next following 31 December in the financial year 2 years earlier than the financial year in respect of which the CPI adjusted amount is being determined.
Example
In the case of a determination of the CPI adjusted amount for the financial year beginning on 1 July 2018 the variables are as follows—
• "T" is the CPI adjusted amount for the financial year beginning on 1 July 2017;
• "A" is the sum of the consumer price index numbers for the consecutive reference periods in the period commencing on 1 January 2017 and ending on 31 December 2017;
• "B" is the sum of the consumer price index numbers for the consecutive reference periods in the period commencing on 1 January 2016 and ending on 31 December 2016.
S. 96R(1A) inserted by No. 28/2017 s. 79.
The CPI adjusted amount determined under subsection (1) is to be rounded up or down to the nearest $1000 (and, if the amount by which the amount to be rounded is $500, is to be rounded up).
On or before 31 May each year, the Commissioner must—
notify each responsible authority and planning authority in metropolitan Melbourne of the CPI adjusted amount for the following financial year; and
publish the CPI adjusted amount for the following financial year on an appropriate website.
A failure to comply with subsection (2) in respect of a financial year does not affect the operation of section 96P and this section in respect of a levy payable in that year.
S. 96S inserted by No. 40/2014 s. 35.
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