a factor to index an accumulated HEC debt
Reference: OPS 2005/HECS
Document type: Legislative Instrument
Enabling act: Higher Education Funding Act 1988
Date of issue: 11 May 2005
Signatory: (Erin Kathleen Holland) Deputy Commissioner of Taxation
Registration number: F2005L01176
Registration date: 16 May 2005


Citation | This instrument may be cited as a factor to index an accumulated HEC debt. | Commencement | This Instrument commences on 1 June 2005. | Application | In accordance with subsection 106N(5) of the Higher Education Funding Act 1988 , the indexation factor is the number worked out to three decimal places using the formula: the sum of the index number for the March 2005 quarter and the index numbers for the 3 immediately preceding quarters divided by the sum of the index number for the March 2004 quarter and the index numbers for the 3 immediately preceding quarters, where index number, in relation to a quarter, means the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published by the Australian Statistician in respect of that quarter. | Indexation factor for 1 June 2005: | = [Mar05 + Dec04 + Sep04 + Jun04] ÷ [Mar04 + Dec03 + Sep03 + Jun03] = [147.5 + 146.5 + 145.4 + 144.8] ÷ [144.1 + 142.8 + 142.1 + 141.3] = 584.2 / 570.3 = 1.024 (to 3 decimal places) The indexation factor is 1.024 and the effective percentage increase is 2.4%. | = [Mar05 + Dec04 + Sep04 + Jun04] ÷ [Mar04 + Dec03 + Sep03 + Jun03] = [147.5 + 146.5 + 145.4 + 144.8] ÷ [144.1 + 142.8 + 142.1 + 141.3] = 584.2 / 570.3 = 1.024 (to 3 decimal places) The indexation factor is 1.024 and the effective percentage increase is 2.4%. | The indexation factor is 1.024 and the effective percentage increase is 2.4%.