Document ID: chunk:federal_register_of_legislation:C2017A00064:clause:1_9
Version: federal_register_of_legislation:C2017A00064
Segment Type: clause
Provision Reference: sch 1 cl 9
Character Range: 4843–6082

9  At the end of Subdivision 960‑M
Add:

960‑290  Indexation—levy threshold for the major bank levy
 (1) You index, on a *quarterly basis, the amount mentioned in the provision listed at item 14 in section 960‑265 by:
 (a) first, multiplying the amount by its *indexation factor mentioned in subsection (3); and
 (b) next, rounding the result in paragraph (a) down to the nearest multiple of $1,000,000.
 (2) You do not index the amount if the *indexation factor is 1 or less.
 (3) For indexation of the amount, the indexation factor is:
where:
GDP number for the base quarter is the estimate that is, at the end of the *quarter to which the indexation is to be applied, the estimate of the Gross Domestic Product: Current Prices‑Seasonally Adjusted most recently published by the Australian Statistician for the *quarter ending on 30 June 2017.
GDP number for the preceding quarter is the estimate of the Gross Domestic Product: Current Prices‑Seasonally Adjusted first published by the Australian Statistician for the *quarter preceding the quarter to which the indexation is to be applied.
 (4) You work out the *indexation factor mentioned in subsection (3) to 3 decimal places (rounding up if the fourth decimal place is 5 or more).