Document ID: chunk:federal_register_of_legislation:C2009A00060:clause:5_1206gm
Version: federal_register_of_legislation:C2009A00060
Segment Type: clause
Provision Reference: sch 5 cl 1206GM
Character Range: 98314–99821

1206GM  Special rules for indexation of some amounts on or after 20 March 2013
 (1) An indexation factor worked out under section 1193 for each indexation day that is:
 (a) for AP MBR and YA MBR—on or after 1 January 2014; or
 (b) for any other base amount to which Subdivision B applies—on or after 20 March 2013;
is to be reduced by the brought forward indexation amount, but not below 1.
 (2) In this section:
brought forward indexation amount, in relation to a day, means 0.008 less any reduction made under this section for a previous day.
Note: Once the brought forward indexation amount becomes zero, there will be no further reduction of the factor.
Example: Assume that the indexation factor worked out under section 1193 on 20 March 2013 is 1.005. The brought forward indexation amount in relation to 20 March 2013 is 0.008 (as there has been no previous reduction). That indexation factor is reduced to 1 on 20 March 2013.
 Further assume that on 20 September 2013 the indexation factor is 1.010. The brought forward indexation amount in relation to 20 September 2013 is 0.003. That indexation factor is reduced to 1.007 on 20 September 2013.
 The brought forward indexation amount in relation to later indexation days is now zero so there is no further reduction of the indexation factor.
 (3) This section affects the rate of a social security payment for a person if, and only if, section 1206GI affected that rate for the person.

Subdivision D—Increases to pensions relating to 1 July 2011