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INCOME TAX ASSESSMENT ACT 1997 - SECT 960.290

Indexation--levy threshold for the major bank levy

  (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.

  (2)   You do not index the amount if the * indexation factor is 1 or less.

  (3)   For indexation of the amount, the indexation factor is:

Start formula start fraction GDP number for the preceding quarter over GDP number for the base quarter end fraction end formula

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.

  (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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