Document ID: chunk:federal_register_of_legislation:C2025C00163:section:12zf:p2
Version: federal_register_of_legislation:C2025C00163
Segment Type: section
Provision Reference: s 12ZF (pt 2/3)
Character Range: 111771–114169

assessment debt, on or after the earlier date and before the later date in reduction of the accumulated FS debt of the person at the earlier date.
increases in FSA debts means any amount, or the sum of any amounts, by which any FS assessment debt of the person is increased by an amendment of the relevant assessment (whether as a result of an increase in the person's taxable income or otherwise), being an amendment made on or after the earlier date and before the later date.
reductions in FSA debts means any amount, or the sum of any amounts, by which any FS assessment debt of the person is reduced by an amendment of the relevant assessment (whether as a result of a reduction in the person's taxable income or otherwise), being an amendment made on or after the earlier date and before the later date.
 (5) For the purposes of subsection (4), an assessment or an amendment of an assessment is taken to have been made on the date specified in the notice of assessment or notice of amended assessment, as the case may be, as the date of that notice.
 (6) The factor to be calculated for the purposes of the definition of indexation factor in subsection (1) or (3) in determining an FS debt or the accumulated FS debt of a person at 1 June in a year (the relevant year) is the lower of the WPI indexation factor (see subsection (6A)) and the number worked out to 3 decimal places using the formula:

.
 (6A) The WPI indexation factor is the number worked out to 3 decimal places using the formula:
 (7) If an indexation factor or a WPI indexation factor calculated in accordance with subsection (6) or (6A) would end with a number greater than 4 if it were worked out to 4 decimal places, the indexation factor is increased by 0.001.
 (7A) The Commissioner must cause to be published in the Gazette before each 1 June the indexation factor worked out under subsection (6) (as affected by subsection (7)) that is applicable in working out FS debts and accumulated FS debts incurred in the 1 June concerned.
 (7B) An indexation factor published under subsection 12ZZB(4) before the commencement of this subsection has effect as if it were an indexation factor published under subsection (7A).
 (8) If, apart from this subsection, the amount of an FS debt or accumulated FS debt worked out under this section would be an amount of dollars and cents, the amount of the cents is to be disregarded.