SUPERANNUATION CONTRIBUTIONS TAX (MEMBERS OF CONSTITUTIONALLY PROTECTED SUPERANNUATION FUNDS) IMPOSITION ACT 1997

SECTION 7   INDEXATION  

7(1)   Indexation of certain amounts for 2004/05 financial year.  

Section 5 applies in relation to an indexing financial year as if each indexable amount were replaced by the amount worked out using the formula:

Previous indexable amount x Relevant indexation factor
      

where:

previous indexable amount means the indexable amount for the financial year immediately before the indexing financial year.

relevant indexation factor means the indexation factor for the indexing financial year.

7(2)   Rounding off of indexed amounts.  

If an amount worked out under subsection (1) is an amount of dollars and cents:

(a)  if the number of cents is less than 50 - the amount is to be rounded down to the nearest whole dollar; or

(b)  otherwise - the amount is to be rounded up to the nearest whole dollar.

7(3)   Indexation factor.  

The indexation factor for an indexing financial year is the number calculated, to 3 decimal places, using the formula:

Index number for last quarter in current March year
----------------------------------------------------
Index number for last quarter in previous March year
      

where:

current March year means the period of 12 months ending on 31 March immediately before the indexing financial year.

previous March year means the period of 12 months immediately before the current March year.

7(4)   Rounding up of indexation factor.  

If the number calculated under subsection (3) for a financial year would, if it were worked out to 4 decimal places, end with a number greater than 4, the number so calculated is increased by 0.001.

7(5)   Change in index numbers.  

If, at any time, whether before or after the commencement of this Act, the Australian Statistician has published or publishes an index number for a quarter in substitution for an index number previously published for the quarter, the publication of the later index number is to be disregarded.

7(6)   Indexable amounts to be published.  

The Commissioner must publish before, or as soon as practicable after, the start of the 2004-05 financial year the indexable amounts as replaced under subsection (1) for that year.

7(7)   Definitions.  

In this section:

indexable amount means:

(a)  an amount stated in section 5; or

(b)  if that amount has previously been altered under this section - the altered amount.

indexing financial year means the 2004-05 financial year.

index number , for a quarter, means the estimate of full-time adult average weekly ordinary time earnings for the middle month of the quarter published by the Australian Statistician.

Note:

For the purposes of this section, Australian Statistician means the Australian Statistician referred to in subsection 5(2) of the Australian Bureau of Statistics Act 1975.