Private Health Insurance Act 2007
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Hide history noteAn amount mentioned in section 22-35 is indexed for the 2023-24 financial year, and later financial years, in accordance with this section.
Indexing amounts
22-45(2)
Index the amount by: (a) firstly, multiplying the amount by the [*]
To find definitions of asterisked terms, see the Dictionary in Schedule 1 .
indexation factor for the financial year under subsection (4) ; and (b) next, rounding the result in paragraph (a) down to the nearest multiple of $1,000. EXAMPLESExample 1:
If the amount to be indexed is $105,000 and the indexation factor increases this to an indexed amount of $107,500, the indexed amount is rounded back down to $107,000.
Example 2:
If the amount to be indexed is $140,000 and the indexation factor increases this to an indexed amount of $142,500, the indexed amount is rounded down to $142,000.
22-45(3)
However, do not index the amount for a financial year if the amount worked out under subsection (2) for the financial year is less than the amount applicable under section 22-35 or this section for the previous financial year.
22-45(3A)
If the amount is not indexed for a financial year because of subsection (3) , the amount for the financial year is the same as the amount for the previous financial year.
22-45(3B)
(Repealed by No 52 of 2021)
22-45(4)
For the purposes of this section, the indexation factor for a financial year is:
| [*]
To find definitions of asterisked terms, see the Dictionary in Schedule 1 . Index number mentioned in subsection (7) for the [*]To find definitions of asterisked terms, see the Dictionary in Schedule 1 . quarter ending on 31 December just before the start of the relevant financial year |
| [*]
To find definitions of asterisked terms, see the Dictionary in Schedule 1 . Index number mentioned in subsection (7) for the [*]To find definitions of asterisked terms, see the Dictionary in Schedule 1 . quarter ending on 31 December 2021 |
22-45(5)
(Repealed by No 52 of 2021)
22-45(6)
Work out the [*]
To find definitions of asterisked terms, see the Dictionary in Schedule 1 .
indexation factor to 3 decimal places (rounding up if the fourth decimal place is 5 or more).Index number
22-45(7)
For calculating the amounts, the index number for a [*]
To find definitions of asterisked terms, see the Dictionary in Schedule 1 .
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 in respect of that month.
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