Document ID: chunk:federal_register_of_legislation:C2023A00120:clause:4_4
Version: federal_register_of_legislation:C2023A00120
Segment Type: clause
Provision Reference: sch 4 cl 4
Character Range: 181979–182765

4  Indexation of penalty amounts
 (1) The amount of each monetary penalty set out in clause 1, 2 or 3 must be indexed for the year commencing on 1 July 2024, and for each subsequent year, in accordance with this clause.
 (2) The amount of a monetary penalty applying in each year is to be calculated as follows:
where:
A is the amount of the monetary penalty set out in clause 1, 2 or 3.
B is the CPI number for the March quarter in the year immediately preceding the year for which the amount is calculated.
C is the CPI number for the March quarter of 2022.
Note: For CPI number and year, see clause 7.
 (3) If the amount of a monetary penalty calculated for a year is less than the amount that applied in the previous year, then the amount for the previous year continues to apply.