Bankruptcy Act 1966

PART XVI - MISCELLANEOUS  

SECTION 304A   INDEXATION  

304A(1)    

In this section:

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.

indexable amount
means:

(a) the amount of $20 referred to in paragraph 77D(1) (a); or

(b) the amount of $20 referred to in subsection 77E(2) ; or

(c) the amount of $20 referred to in subsection 77E(3) ; or

(d) the amount of $10 referred to in paragraph 77E(4)(a) ; or

(e) the amount of $10 referred to in paragraph 77E(4)(b) ; or

(f) an amount prescribed by the regulations for the purposes of paragraph 77E(3)(a) or (4)(a) ; or

(g) the amount of $3,000 referred to in paragraph 149D(1) (c); or

(h) (Repealed by No 131 of 2002.)

(i) (Repealed by No 106 of 2010.)

(j) each amount of $3,000 referred to in section 269 ;

or, if any such amount has previously been altered under this section, the amount as so altered or last altered.

304A(2)    
Section 77D or 77E applies in relation to the attendance of a person on a day during a quarter that begins after the commencement of the section concerned as if the indexable amount or each indexable amount in that section were replaced by the amount worked out using the formula in subsection (6).

304A(3)    

Section 149D applies in relation to an act, omission or transaction by a bankrupt that constituted misleading conduct that took place or was entered into on a day during a quarter that begins after the date of commencement of the section concerned as if the indexable amount in that section were replaced by the amount worked out using the formula in subsection (6).

304A(4)    
(Repealed by No 106 of 2010)

304A(5)    
Section 269 applies in relation to an act, omission or transaction referred to in that section that took place or was entered into on a day during a quarter that begins after the date of commencement of section 41 of the Bankruptcy Amendment Act 1991 as if each indexable amount in section 269 were replaced by the amount worked out using the formula in subsection (6).

304A(6)    

The formula for the purposes of subsections (2), (3) and (5) is:

Previous indexable amount   ×   Indexation factor

where:

Previous indexable amount means the indexable amount for the previous quarter.

Indexation factor means the indexation factor for the quarter worked out under subsection (8).

304A(7)    
If, apart from this subsection, an amount worked out under subsection (6) would be an amount of dollars and cents, the amount is to be rounded to the nearest dollar (rounding 50 cents upwards).

304A(8)    
The indexation factor for a quarter is the number (worked out to 3 decimal places) worked out by dividing the index number for the previous quarter by the index number for the quarter that immediately preceded the previous quarter.

304A(9)    
If the factor worked out under subsection (8) in relation to a quarter would, if it were worked out to 4 decimal places, end with a number greater than 4, the factor worked out under that subsection in relation to that quarter is taken to be the factor worked out to 3 decimal places and increased by 0.001.

304A(10)    
Subject to subsection (11), if at any time, whether before or after the commencement of this section, the Australian Statistician has published or publishes an index number in respect of a quarter in substitution for an index number previously published by the Australian Statistician in respect of that quarter, the publication of the later index number is to be disregarded for the purposes of this section.

304A(11)    

If at any time, whether before or after the commencement of this section, the Australian Statistician has changed or changes the index reference period for the Consumer Price Index, then, for the purposes of the application of this section after the change took place or takes place, regard is to be had only to the index numbers published in terms of the new index reference period.