Commonwealth Consolidated Acts

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SOCIAL SECURITY ACT 1991 - SECT 1061ZZET

Indexation factor

             (1)  The indexation factor for the purpose of calculating a person's FS debt or accumulated FS debt at 1 June in a year (the relevant year ), is worked out using the following Method statement.

Method statement

Step 1.   Work out the total of the index number for the March quarter in the relevant year and the index numbers for the 3 immediately preceding quarters.

Step 2.   Work out the total of the index number for the March quarter immediately before the relevant year and the index numbers for the 3 immediately preceding quarters.

Step 3.   Divide the total worked out using Step 1 by the total worked out using Step 2.

Step 4.   Round the result to 3 decimal places.

             (2)  If an indexation factor worked out using the Method statement would end with a number greater than 4 were it to be worked out to 4 decimal places, the indexation factor is increased by 0.001.

             (3)  If, apart from this subsection, the amount of an FS debt or accumulated FS debt worked out under this section would be an amount of dollars and cents, disregard the amount of the cents.



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