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— p 1267
Administered by: Treasury
Published Date 15 May 2013
Printed Publication Date 15 May 2013

AUSTRALIAN TAXATION OFFICE

STUDENT ASSISTANCE ACT 1973

 

Indexation factor for working out accumulated Financial Supplement debts

I, ROBERT RAVANELLO, as delegate of the Commissioner of Taxation, HEREBY NOTIFY, pursuant to subsection 12ZF(7A) of the Student Assistance Act 1973, that 1.020 is the indexation factor calculated under subsection 12ZF(6) of that Act that is applicable in working out any Financial Supplement and accumulated Financial Supplement debts of a person on 1 June 2013.

 

In accordance with subsection 12ZF(6) of the Student Assistance Act 1973, the indexation factor is the number worked out to three decimal places using the formula:

 

the sum of the index number for the March 2013 quarter and the index numbers for the three immediately preceding quarters

divided by

the sum of the index number for the March 2012 quarter and the index numbers for the three immediately preceding quarters,

 

where index number, in relation to a quarter, means the All Groups Consumer Price Index number, being the weighted average of the eight capital cities, published by the Australian Statistician in respect of that quarter.

 

Indexation factor for 1 June 2013      =          Mar13+Dec12+Sep12+Jun12

                                                                        Mar12+Dec11+Sep11+Jun11

 

=          102.4 + 102.0 + 101.8 + 100.4

99.9 + 99.8 + 99.8 + 99.2

 

=          406.6

398.7

 

=          1.020 (to three decimal places)

 

The indexation factor is 1.020 and the effective percentage increase is 2.0%.

 

 

 

Dated this sixth day of May 2013

 

 

Robert Ravanello

 

 

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