Federal Register of Legislation - Australian Government

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Notices & Notifications as made
Provides the calculation of the indexation factor used to index Financial Supplement debts and accumulated Financial Supplement debts.
Administered by: Social Services
Registered 30 May 2005
Gazetted 12 May 2004
Date of repeal 17 Oct 2014
Repealed by Spent and Redundant Instruments Repeal Regulation 2014 (No. 2)

AUSTRALIAN TAXATION OFFICE

 

STUDENT ASSISTANCE ACT 1973

 

 

Indexation factor for working out Financial Supplement debts and accumulated Financial Supplement debts

 

I, ERIN KATHLEEN HOLLAND, as delegate of the Commissioner of Taxation, HEREBY NOTIFY, pursuant to subsection 12ZF(7A) of the Student Assistance Act 1973, that 1.024 is the indexation factor to be used for working out Financial Supplement debts and accumulated Financial Supplement debts on 1 June 2004.

 

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 2004 quarter and the index numbers for the 3 immediately preceding quarters

divided by

the sum of the index number for the March 2003 quarter and the index numbers for the 3 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 8 capital cities, published by the Australian Statistician in respect of that quarter.

 

Indexation factor for 1 June 2004          =          Mar04+Dec03+Sep03+Jun03.

                                                                        Mar03+Dec02+Sep02+Jun02

 

=          144.1 + 142.8 + 142.1 + 141.3

141.3 + 139.5 + 138.5 + 137.6

 

=          570.3

556.9

 

=          1.024 (rounded to 3 decimal places)

 

The indexation factor is 1.024 and the effective percentage increase is 2.4%.

 

 

 

Dated this ______30th_______ day of ___April_____________ 2004

 

 

 

                        ________signed by Erin Holland_________________