Document ID: chunk:federal_register_of_legislation:C2008C00455:clause:2_321a
Version: federal_register_of_legislation:C2008C00455
Segment Type: clause
Provision Reference: sch 2 cl 321A
Character Range: 65317–67248

321A  Indexation of amounts

 (1) This section applies to the dollar amounts mentioned in the following provisions:
 (a) subparagraph 304(5)(b)(ii);
 (b) paragraph 304(5)(c);
 (c) paragraphs 304(6)(b) and (c);
 (d) section 305A;
 (e) subsections 305B(1) and (3A);
 (f) subsections 306(1) and (2);
 (g) subsections 306A(1) and (2);
 (h) paragraph 306B(a);
 (i) subsection 311A(2);
 (j) subsections 314AC(1) and (2);
 (k) subsection 314AE(1).

 (2) The dollar amount mentioned in the provision, for an indexation year whose indexation factor is greater than 1, is replaced by the amount worked out using the following formula (rounded to the nearest $100):

 (3) The dollar amount mentioned in the provision for an indexation year is not replaced in respect of a disclosure period in relation to an election if the indexation year begins between the issue of the writ for the election and the polling day for the election.

 (4) The indexation factor for an indexation year is the number worked out using the following formula:

 (5) The indexation factor is to be calculated to 3 decimal places, but increased by .001 if the fourth decimal place is more than 4.

 (6) Calculations under subsection (4):
 (a) are to be made using only the March index numbers published in terms of the most recently published reference base for the Consumer Price Index; and
 (b) are to be made disregarding March index numbers that are published in substitution for previously published March index numbers (except where the substituted numbers are published to take account of changes in the reference base).

 (7) In this section:

indexation year means the financial year commencing on 1 July 2006, and each subsequent financial year.

March index number means the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published by the Australian Statistician in respect of the 3 months ending on 31 March.