FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 4 - GOVERNMENT FHSA CONTRIBUTIONS  

Division 1 - Eligibility for and amount of a Government FHSA contribution  

SECTION 40   Indexation of Government FHSA contribution threshold  

40(1)    
The amount of the Government FHSA contribution threshold is indexed annually by:


(a) multiplying the amount for the 2008-09 financial year by its indexation factor; and


(b) rounding the result in paragraph (a) down to the nearest multiple of $ 500.

40(2)    
The Government FHSA contribution threshold is not indexed if its indexation factor is 1 or less.

40(3)    
The indexation factor is:


Index number mentioned in subsection (5) for the quarter ending
on 31 December just before the start of the relevant financial year
Index number mentioned in subsection (5)
for the quarter ending on 31 December 2007


40(4)    
The indexation factor mentioned in subsection (3) is calculated to 3 decimal places (rounding up if the fourth decimal place is 5 or more).

40(5)    
The index number for a 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 for that month.


 

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