Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If an amount is to be indexed under this Division on an indexation day, this Act has effect as if the indexed amount were substituted for that amount on that day.
(2) This is how to work out the indexed amount for an amount that is to be indexed under this Division on an indexation day:
Method statement
Step 1. Use section 1193 to work out the indexation factor for the amount on the indexation day.
Step 2. Work out the current figure for the amount immediately before the indexation day.
Step 3. Multiply the current figure by the indexation factor: the result is the provisional indexed amount .
Step 4. Use section 1194 to round off the provisional indexed amount: subject to Division 3, the result is the indexed amount. (The indexed amount (including one replaced under Division 3) may be increased under section 1195 in certain cases.)
Note 1: for current figure see subsection 20(1).
Note 2: On the indexation days following 19 March 2001, the indexation of amounts that were increased by 4% or 10% on 1 July 2000 may be affected by section 1206GB.
(3) The first indexation of the MA rate (standard) under subsection (1) is to take place on 1 January 1994.
(3A) The first indexation of the MA rate (increased) under subsection (1) is to take place on 1 January 2007.
(3B) The first indexation of amounts under items 1A and 1B of the CPI Indexation Table in subsection 1191(1) is to take place on 20 March 2010.
(3C) For the purposes of the first indexation of an amount under item 1C of the CPI Indexation Table in subsection 1191(1):
(a) that first indexation is to take place on 20 September 2009; and
(b) the current figure for the amount immediately before 20 September 2009 is taken to be the amount specified in the relevant item of the table in subsection 20A(5).
(4) The first indexation of the amounts to which items 4, 7, 8, 13 and 25 of the CPI Indexation Table in subsection 1191(1) relate is to take place on 1 January 1994.
(4A) The first indexation of the amounts to which items 15 and 24A of the CPI Indexation Table in subsection 1191(1) relate is to take place on 1 January 1995.
(5) The first indexation of rent assistance under items 11 and 12 of the CPI Indexation Table in subsection 1191(1) (being those items as substituted by the Social Security Amendment (Further Simplification) Act 2004 ) is to take place on 20 September 2004.
(5A) The first indexation of an amount under item 25 of the CPI Indexation Table in subsection 1191(1) is to take place on 1 July 2007.
(6) The first indexation of amounts under items 33AA, 33AB, 33AC and 33AD of the CPI Indexation Table in subsection 1191(1) is to take place on 20 September 2005.
(7) The first indexation of amounts under items 35 and 36 of the CPI Indexation Table in subsection 1191(1) is to take place on 1 July 1997.
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