Victorian Current Acts Victorian Current ActsS. 111(1AA) inserted by No. 49/2019 s. 181(1).
(1AA) This section applies for the purposes of a financial year if the Minister determines that it applies for the purposes of that year.
S. 111(1) amended by Nos 44/2014 s. 33(Sch. item 24), 21/2015 s. 3(Sch. 1 item 46), 5/2016 s. 15.
(1) The amount that is to apply for the purposes of section 110 is to be varied, in respect of the financial year beginning on 1 July 2005 and each subsequent financial year, in accordance with the formula—
where—
"A" is the amount referred to in section 110.
"B" is the all groups consumer price index for Melbourne in original terms for the most recent reference period in the preceding calendar year most recently published by the Australian Bureau of Statistics.
"C" is the all groups consumer price index in original terms for Melbourne for the corresponding reference period one year earlier than the reference period referred to in B most recently published by the Australian Bureau of Statistics.
(2) If it is necessary for the purposes of this section to calculate an amount that consists of or includes a fraction of a whole number, the amount is deemed to have been calculated in accordance with this section if the calculation is made—
(a) if the amount is less than $1000, to the nearest whole $1; or
(b) if the amount is $1000 or more, to the nearest whole $10.
(3) If an amount is varied in accordance with this section, section 110 and this section have effect as if a reference to the amount were a reference to the amount as so varied.
(4) If the variation of an amount to which this section applies by operation of this section has the effect of reducing the amount—
(a) the variation is deemed not to have taken effect, except for the purposes of the application of this subsection; and
(b) when the amount is varied and increased by operation of this section in respect of the next or a subsequent financial year that variation has effect as an increase only to the extent (if any) to which the amount of the increase exceeds the amount of the reduction in respect of a preceding financial year, or that part of such a reduction that has not been set off against a previous increase.
S. 111(4A) inserted by No. 49/2019 s. 181(2).
(4A) If subsection (1) does apply for the purposes of a financial year, any increase in the amount resulting from application of the formula in that subsection for the purposes of a subsequent financial year applies only to the amount currently in use for the purposes of section 110.
(5) The Minister must cause a notice to be published in the Government Gazette specifying the amount as varied for the purposes of section 110 in respect of the relevant financial year.
Division 4—Liability of persons other than road authorities