Income Tax Assessment Act 1997
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Hide history noteSECTION 960-290 Indexation - levy threshold for the major bank levy 960-290(1)
You index, on a *quarterly basis, the amount mentioned in the provision listed at item 14 in section 960-265 by:
(a) first, multiplying the amount by its *indexation factor mentioned in subsection (3); and
(b) next, rounding the result in paragraph (a) down to the nearest multiple of $1,000,000.
960-290(2)
You do not index the amount if the *indexation factor is 1 or less.
960-290(3)
For indexation of the amount, the indexation factor is:
| GDP number for the preceding quarter | ||
| GDP number for the base quarter |
where:
GDP number for the base quarter
is the estimate that is, at the end of the *quarter to which the indexation is to be applied, the estimate of the Gross Domestic Product: Current Prices-Seasonally Adjusted most recently published by the Australian Statistician for the *quarter ending on 30 June 2017.
GDP number for the preceding quarter
is the estimate of the Gross Domestic Product: Current Prices-Seasonally Adjusted first published by the Australian Statistician for the *quarter preceding the quarter to which the indexation is to be applied.
960-290(4)
You work out the *indexation factor mentioned in subsection (3) to 3 decimal places (rounding up if the fourth decimal place is 5 or more).
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