(1) For section 71(1) of the Administration and Probate Act 1958 substitute —
"(1) If a person dies leaving property not exceeding the maximum monetary value, a person who is entitled to probate of the will or to letters of administration of the deceased's estate may apply for aid, in procuring the grant of probate or letters of administration—
(a) to the registrar of probates; or
(b) to a registrar of the Magistrates' Court whose office is nearest to the fixed place of abode of the applicant at the time of the making of the application.
(1A) For the purposes of subsection (1), the maximum monetary value is the greater of—
(a) $100 000; or
(b) if an amount is calculated in accordance with subsection (1B), that amount.
(1B) From 1 July 2015 and for each subsequent financial year, the maximum monetary value must be varied in accordance with the following formula—
(a) $100 000; or
(b) if an amount has been calculated in accordance with this formula and that amount is greater than $100 000, the amount as last calculated;
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 as at 15 June immediately preceding the date on which the variation is made;
C is the all groups consumer price index for Melbourne in original terms for the corresponding reference period one year earlier than the reference period referred to in B published by the Australian Bureau of Statistics as at 15 June immediately preceding the date on which the variation is made.
(1C) If a maximum monetary value has been calculated under subsection (1B) and—
(a) the maximum monetary value is reduced, the reduced amount does not take effect, except for the purpose of the application of the formula under this section in the following year; or
(b) if, in the next or subsequent financial year the maximum monetary value is increased following a reduction referred to in paragraph (a), that amount has effect as an increase only to the extent (if any) that—
(i) the amount of the increase exceeds the amount of the reduction in the previous financial year; or
(ii) part of the reduction has not been set off against a previous increase.
(1D) For the purpose of calculating the maximum monetary value in accordance with the formula under this section—
(a) if the amount of the variation is less than $1000, it must be rounded to the nearest whole $1; and
(b) if the amount of the variation is $1000 or more, it must be rounded to the nearest whole $10.
(1E) On or before 1 July 2015 and on or before 1 July in each succeeding financial year, the Minister, by order published in the Government Gazette, must declare the maximum monetary value that applies for the purposes of subsection (1) as from the date specified in the order.".
(2) In section 71(2) of the Administration and Probate Act 1958 , for "Supreme Court" substitute "Magistrates Court".