Document ID: chunk:federal_register_of_legislation:C2014A00024:section:8
Version: federal_register_of_legislation:C2014A00024
Segment Type: section
Provision Reference: s 8
Character Range: 3698–5115

8  The statutory limit
 (1) The statutory limit is:
 (a) for the financial year commencing on 1 July 2014—$600; or
 (b) for a later financial year:
 (i) unless subparagraph (ii) applies—the amount calculated by multiplying the statutory limit for the previous financial year by the indexation factor for the later financial year; or
 (ii) if the indexation factor for the later financial year is 1 or less—the same amount as the statutory limit for the previous financial year.
 (2) The indexation factor for a financial year is the number worked out by dividing the index number for the March quarter immediately preceding that financial year by the index number for the March quarter immediately preceding that first‑mentioned March quarter.
 (3) The indexation factor for a financial year is to be worked out to 3 decimal places (rounding up if the fourth decimal place is 5 or more).
 (4) In working out the indexation factor for a financial year:
 (a) use only the index numbers published in terms of the most recently published index reference period for the Consumer Price Index; and
 (b) disregard index numbers 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).

[Minister's second reading speech made in—
House of Representatives on 20 March 2014
Senate on 27 March 2014]
(54/14)