FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)
PART 3
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ELIGIBILITY, CONTRIBUTION AND PAYMENT RULES
Division 2
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Contributions to FHSAs
SECTION 30
Indexation of account balance cap
30(1)
The amount of the account balance cap is indexed annually by:
(a) multiplying the amount for the 2008-09 financial year by its indexation factor; and
(b) rounding the result in paragraph (a) down to the nearest multiple of $ 5,000.
30(2)
The account balance cap is not indexed if its indexation factor is 1 or less.
30(3)
The indexation factor is:
30(4)
The indexation factor mentioned in subsection (3) is calculated to 3 decimal places (rounding up if the fourth decimal place is 5 or more).
30(5)
The index number for a quarter is the estimate of full-time adult average weekly ordinary time earnings for the middle month of the quarter first published by the Australian Statistician for that month.
The amount of the account balance cap is indexed annually by:
(a) multiplying the amount for the 2008-09 financial year by its indexation factor; and
(b) rounding the result in paragraph (a) down to the nearest multiple of $ 5,000.
30(2)
The account balance cap is not indexed if its indexation factor is 1 or less.
30(3)
The indexation factor is:
| Index number mentioned in subsection (5) for the quarter ending
on 31 December just before the start of the relevant financial year Index number mentioned in subsection (5) for the quarter ending on 31 December 2007 |
30(4)
The indexation factor mentioned in subsection (3) is calculated to 3 decimal places (rounding up if the fourth decimal place is 5 or more).
30(5)
The index number for a quarter is the estimate of full-time adult average weekly ordinary time earnings for the middle month of the quarter first published by the Australian Statistician for that month.
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