Document ID: chunk:federal_register_of_legislation:F2023L01244:reg:8
Version: federal_register_of_legislation:F2023L01244
Segment Type: reg
Provision Reference: reg 8
Character Range: 7037–8202

8  Indexation of large ADI threshold
 (1) The amount referred to subsection 5(2) is indexed in accordance with this section on 1 January 2024 and each 1 January after that.
 (2) The amount is indexed by:
 (a) multiplying the amount by its indexation factor worked out under this section; and
 (b) rounding the result down to the nearest multiple of $1 billion.
 (3) The indexation factor for the amount is the following fraction, calculated to 3 decimal places (but rounding up the third decimal place if the fourth decimal place would be 5 or more):

  where:
base GDP number is the annual estimate of the Gross Domestic Product: Current Prices‑Original series most recently published by the Australian Statistician for the financial year ending on 30 June 2022.
relevant GDP number is the first‑published annual estimate of the Gross Domestic Product: Current Prices‑Original series published by the Australian Statistician for the last financial year that ends before the 1 January on which the indexation occurs, disregarding any revisions of that estimate.
 (4) An indexation factor that is less than 1 is to be increased to 1.

Part 3—Transitional provision