Document ID: chunk:federal_register_of_legislation:C2025C00140:clause:1_4:p52
Version: federal_register_of_legislation:C2025C00140
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 52/67)
Character Range: 415138–417844

of $3,000 was assessed and notified on her income tax notice of assessment on 3 September 2013.
 To work out Lorraine's former accumulated HELP debt before indexation on 1 June 2014:
Step 1: Take the previous accumulated HELP debt of $15,000 on 1 June 2013.
Step 2: Add the HELP debt of $1,500 incurred on 31 March 2013.
Step 3: Subtract the $525 voluntary repayment made on 1 May 2014.
Step 4: Subtract the $3,000 compulsory repayment assessed on 3 September 2013.
Steps 5 and 6:  Do not apply because since 1 June 2013 Lorraine had no amendments to any assessment.
 Lorraine's former accumulated HELP debt before indexation on 1 June 2014 is:

 If, for example, the indexation factor for 1 June 2014 were 1.030, then the former accumulated HELP debt would be:

 (2) For the purposes of this section, an assessment, or an amendment of an assessment, is taken to have been made on the day specified in the notice of assessment, or notice of amended assessment, as the date of issue of that notice.

140‑10  HELP debt indexation factor
 (1) The HELP debt indexation factor for a person for 1 June in a financial year is the number (rounded to 3 decimal places):
 (a) if the *Secretary has determined, under section 142‑10 or 144‑5, that the indexation of the person's *accumulated HELP debt for the financial year is to be reduced—worked out using the formula in subsection (1A); and
 (b) in any other case—that is the lower of the *CPI indexation factor for 1 June in the financial year (see subsection (1B)) and the *WPI indexation factor for 1 June in the financial year (see subsection (1C)).
 (1A) For the purposes of paragraph (1)(a), the formula to work out the *HELP debt indexation factor for the person is:
where:
A means the *HELP debt indexation factor for 1 June in the financial year within the meaning of paragraph (1)(b).
B means the number of days in the applicable calendar year determined for the person by the *Secretary under subsection 142‑10(2) or 144‑5(2).
 (1B) The CPI indexation factor for 1 June in a financial year is worked out using the following method statement:

               Method statement

           Step 1. Add:

                (a) the *CPI index number for the *quarter ending on 31 March in that financial year; and
                (b) the CPI index numbers for the 3 quarters that immediately preceded that quarter.

           Step 2. Add:

                (a) the *CPI index number for the *quarter ending on 31 March in the immediately preceding financial year; and
                (b) the CPI index numbers for the 3 quarters that immediately preceded that quarter.

           Step 3. The CPI indexation factor for 1 June in the financial year is