Clean Energy (Household Assistance Amendments) Act 2011 (141 of 2011)

Schedule 7   Essential medical equipment payment

Part 2   Amendment of the Veterans' Entitlements Act

Veterans' Entitlements Act 1986

34   After section 198D

Insert:

198E Variation of amount of essential medical equipment payment

(1) This section applies to the dollar amount mentioned in section 63G (essential medical equipment payment).

(2) That dollar amount, for an indexation day on which the indexation factor is greater than 1, is replaced by the amount that is worked out using the following formula:

Dollar amount on the day before the indexation day x Indexation factor for the indexation day

(3) The indexation factor for an indexation day is the number worked out using the following formula:

Indexation number for the most recent Deceber quarter before the indexation day / Highest index number for an earlier December quarter (but not before December 2011)

(4) The indexation factor is to be calculated to 3 decimal places, but increased by 0.001 if the fourth decimal place is more than 4.

(5) If an amount worked out under subsection (2) is not a multiple of a dollar, the amount is to be rounded to the nearest multiple of a dollar (rounding up in the case of 50 cents).

(6) In this section:

indexation day means 1 July 2013 and each later 1 July.