Document ID: chunk:federal_register_of_legislation:C2024C00574:clause:1_9
Version: federal_register_of_legislation:C2024C00574
Segment Type: clause
Provision Reference: sch 1 cl 9
Character Range: 14441–15304

9  After subsection 198(5D)
Insert:
 (5E) This Act has effect as if, on the first day (the adjustment day) of each relevant period, there were substituted, for each above general rate, the rate worked out as follows:

      Method statement
           Step 1. Work out the general rate on the adjustment day.
           Step 2. Work out the general rate on the day before the adjustment day.
           Step 3. Work out the above general rate on the day before the adjustment day.
           Step 4. Subtract the rate at step 2 from the rate at step 3.
           Step 5. Multiply the amount worked out at step 4 by the pension MBR factor specified in section 59LA (rounding the result up to the nearest $0.10).
           Step 6. Add the rate worked out at step 1 to the amount worked out at step 5: the result is the above general rate on the adjustment day.