A New Tax System (Family Assistance) Act 1999

Schedules

Schedule 4 - Indexation and adjustment of amounts  

Note:

See section 85 .

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History

Sch 4 (heading) note amended by No 63 of 2008, s 3 and Sch 1 item 4, by substituting " 85 " for " 75 " in the note, effective 1 July 2008.

Part 2 - Indexation  

4   Indexation of amounts  

(1)    
If an amount is to be indexed under this Part on an indexation day, this Act has effect as if the indexed amount were substituted for that amount on that day.

(2)    
This is how to work out the indexed amount for an amount that is to be indexed under this Part on an indexation day: Method statement

Step 1.

Use clause 5 to work out the indexation factor for the amount on the indexation day.

Step 2.

Work out the current figure for the amount immediately before the indexation day.

Step 3.

Multiply the current figure by the indexation factor: the result is the provisional indexed amount .

Step 4.

Use clause 6 to round off the provisional indexed amount: the result is the indexed amount.

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History

Sch 4 cl 4(2) amended by No 60 of 2009, s 3 and Sch 14 item 4, by omitting " (The indexed amount may be increased under clause 7 in certain cases.) " from the end of step 4, effective 30 June 2009.

(3)    
(Repealed by No 122 of 2014)

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History

Sch 4 cl 4(3) repealed by No 122 of 2014, s 3 and Sch 1 item 187, effective 20 September 2014. Cl 4(3) formerly read:

(3)
This clause does not apply to the following amounts:

(a) FTB clean energy child amount;

(b) Clean energy supplement (Part B);

(c) ACO clean energy supplement.

Note:

See clause 7 for how to index those amounts.

Sch 4 cl 4(3) inserted by No 154 of 2012, s 3 and Sch 6 item 5, effective 17 November 2012.

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