AUSTRALIAN TAXATION OFFICE
HIGHER EDUCATION SUPPORT ACT 2003, TRADE SUPPORT LOANS ACT 2014, STUDENT ASSISTANCE ACT 1973
Factor to Index an Accumulated HELP, TSL or Financial Supplement Debt
I, MARK COSTER, of the Australian Taxation Office, HEREBY NOTIFY, pursuant to section 140-20 of the Higher Education Support Act 2003, section 34 of the Trade Support Loans Act 2014 and subsection 12ZF(7A) of the Student Assistance Act 1973 that 1.015 is the HELP, TSL and Financial Supplement debt indexation factor for 1 June 2017 to be used in working out accumulated HELP, TSL and Financial Supplement debts for the 2016-2017 financial year.
In accordance with section 140-10 of the Higher Education Support Act 2003, section 32 of the Trade Support Loans Act 2014 and subsection 12ZF(6) of the Student Assistance Act 1973, the HELP, TSL and Financial Supplement debt indexation factor is the number worked out to three decimal places using the formula:
the sum of the index number for the March 2017 quarter and the index numbers for the three immediately preceding quarters
divided by
the sum of the index number for the March 2016 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 2017 = Mar17+Dec16+Sep16+Jun16
Mar16+Dec15+Sep15+Jun15
= 110.5 + 110.0 + 109.4 + 108.6
108.2 + 108.4 + 108.0 + 107.5
= 438.5 divided by
432.1
= 1.015 (to three decimal places)
The indexation factor is 1.015 and the effective percentage increase is 1.5%.
__________Mark Coster_________________