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PLANNING AND ENVIRONMENT ACT 1987 - SECT 46LA

Adjusted maximum dwelling amount

    (1)     The adjusted maximum dwelling amount for a financial year is to be determined in accordance with the following formula—

87-45a15502.jpg87-45a15503.jpg

where—

    AMDA     is the adjusted maximum dwelling amount being determined;

    PMDA     is the maximum dwelling amount for the previous financial year;

Example

For the purposes of determining the maximum dwelling amount

              •     for the financial year beginning on 1 July 2019, "PMDA" is the maximum dwelling amount for the financial year beginning on 1 July 2018, which is $1150—see section 46L(3)(a); and

              •     for the financial year beginning on 1 July 2020, "PMDA" is the maximum dwelling amount for the financial year beginning on 1 July 2019, which is the adjusted maximum dwelling amount calculated in accordance with this section for that financial year—see section 46L(3)(b).

    A     is the sum of the producer price index numbers for—

        (a)     the last reference period in the financial year 2 years earlier than the financial year in respect of which the adjusted maximum dwelling amount is being determined; and

        (b)     each of the reference periods (other than the last) in the financial year immediately preceding the financial year in respect of which the adjusted maximum dwelling amount is being determined;

    B     is the sum of the producer price index numbers for—

        (a)     the last reference period in the financial year 3 years earlier than the financial year in respect of which the adjusted maximum dwelling amount is being determined; and

        (b)     each of the reference periods (other than the last) in the financial year 2 years earlier than the financial year in respect of which the adjusted maximum dwelling amount is being determined.

Example

In the case that the reference periods are the quarterly periods of a financial year, the variables "A" and "B" for the determination of the adjusted maximum dwelling amount for the financial year beginning on 1 July 2020 are as follows—

              •     "A" is the sum of the producer price index numbers for the June quarter in the financial year beginning on 1 July 2018 and the September, December and March quarters in the financial year beginning on 1 July 2019;

              •     "B" is the sum of the producer price index numbers for the June quarter in the financial year beginning on 1 July 2017 and the September, December and March quarters in the financial year beginning on 1 July 2018.

    (2)     The adjusted maximum dwelling amount determined under subsection (1) is to be rounded up or down to the nearest $10 (and, if the amount by which the amount to be rounded is $5, is to be rounded up).

    (3)     In this section—

"maximum dwelling amount "has the same meaning as in section 46L(3) ;

"producer price index" means—

        (a)     the producer price index for non-residential building construction in Victoria as published by the Australian Bureau of Statistics; or

        (b)     any other index specified by the Governor in Council by Order published in the Government Gazette.

S. 46LB inserted by No. 7/2018 s. 25.



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