Document ID: chunk:federal_register_of_legislation:F2021L00425:clause:1_9
Version: federal_register_of_legislation:F2021L00425
Segment Type: clause
Provision Reference: sch 1 cl 9
Character Range: 7911–9164

9  Indexation of thresholds
 (1) Each amount referred to in subsection 6(2), (3) or (4) is indexed in accordance with this section on 1 January 2022 and each 1 January after that.
 (2) An amount is indexed by:
 (a) multiplying the amount by its indexation factor worked out under this section; and
 (b) rounding the result down to the nearest multiple of $1 billion.
 (3) The indexation factor for an amount is the following fraction, calculated to 3 decimal places (but rounding up the third decimal place if the fourth decimal place would be 5 or more):

where:
base GDP number is the annual estimate of the Gross Domestic Product: Current Prices‑Original series most recently published by the Australian Statistician for the financial year ending on:
 (a) if the amount being indexed is $10 billion—30 June 2018; or
 (b) otherwise—30 June 2020.
relevant GDP number is the first‑published annual estimate of the Gross Domestic Product: Current Prices‑Original series published by the Australian Statistician for the last financial year that ends before the 1 January on which the indexation occurs, disregarding any revisions of that estimate.
 (4) However, if the fraction worked out under subsection (3) is less than 1, the indexation factor is 1.