Document ID: chunk:federal_register_of_legislation:C2024C00865:section:11a
Version: federal_register_of_legislation:C2024C00865
Segment Type: section
Provision Reference: s 11A
Character Range: 32427–34094

11A  Definition of SRS indexation factor
 (1) The SRS indexation factor for a year is the higher of the following:
 (a) 1.03;
 (b) the number worked out under subsection (2) for the year.
 (2) The number is worked out using the following formula:
where:
base quarter means the June quarter in the previous year.
consumer index number, for a quarter, means the All Groups Consumer Price Index number (being the weighted average of the 8 capital cities) published by the Australian Statistician for that quarter.
reference quarter means the June quarter in the year.
wage index number, for a quarter, means the Wage Price Index (total hourly rates of pay excluding bonuses/all sectors/all Australia/original) number published by the Australian Statistician for that quarter.
 (3) An SRS indexation factor worked out under subsection (2) is to be calculated to 3 decimal places (rounding up if the fourth decimal place is 5 or more).
 (4) Calculations under subsection (2):
 (a) are to be made using only the index numbers published in terms of the most recently published index reference period; and
 (b) are to be made disregarding index numbers that are published in substitution for previously published index numbers (except where the substituted numbers are published to take account of changes in the index reference period).
 (5) The regulations may prescribe the SRS indexation factor for a year.
 (6) If the regulations prescribe the SRS indexation factor for a year, subsections (1) to (4) do not apply in relation to the year.
 (7) Amounts worked out using an SRS indexation factor are to be rounded to the nearest whole dollar (rounding 50 cents upwards).