Document ID: chunk:federal_register_of_legislation:F2024C00838:reg:29
Version: federal_register_of_legislation:F2024C00838
Segment Type: reg
Provision Reference: reg 29
Character Range: 49384–51765

29  Indexation of Pricing Authority approved amount
 (1) A Pricing Authority approved amount that may be charged by an approved provider (the relevant approved provider) may be indexed by the approved provider on the first day of the second, or a later, approval year (the current approval year) for the amount, by multiplying the amount by the indexation factor worked out using the formula:
where:
most recent index number means the index number for the most recent quarter ending before the first day of the current approval year.
previous index number means the index number for the most recent quarter ending before the first day of the previous approval year.
Note: The following terms are defined in section 4: approval year; index number; Pricing Authority approved amount; quarter.
 (2) If a Pricing Authority approved amount is indexed under this section, the Act and these principles have effect as if the indexed amount were substituted for the Pricing Authority approved amount.
 (3) If a Pricing Authority approved amount is indexed on a day under this section, the indexed amount applies only in relation to a person:
 (a) who, before that day, has not entered into an accommodation agreement with the relevant approved provider; and
 (b) whose entry to the residential care service or eligible flexible care service occurs on or after that day.
 (4) If, apart from this subsection, a Pricing Authority approved amount indexed under this section would be an amount of dollars and cents:
 (a) the amount is to be rounded to the nearest whole dollar; and
 (b) if the amount to be rounded is 50 cents, the amount is to be rounded down.
 (5) If, at any time (whether before or after the commencement of these principles), the Australian Statistician publishes an index number for a quarter in substitution for an index number previously published by the Australian Statistician for that quarter, the publication of the later index number is to be disregarded for this section.
 (6) If, at any time (whether before or after the commencement of these principles), the Australian Statistician changes the index reference period for the Consumer Price Index, then, in applying this section after the change is made, regard is to be had only to index numbers published in terms of the new index reference period.

Division 4—Rules about charging accommodation contributions