Commonwealth Consolidated Regulations

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ABSTUDY SUPPLEMENT REGULATIONS - REG 7A

Prescribed parental income — years after 1997

(1)
Despite any other provision of these Regulations, the amount prescribed in regulation 7 is altered annually in accordance with this regulation.

(2)
In this regulation indexable amount means:

(a)
subject to paragraph (b), the amount set out in regulation 7; or

(b)
if an amount set out in regulation 7 has previously been taken to be altered by substituting another amount  — the last substituted amount.

(3)
After 1997, on 1 January of each year (in this regulation called the relevant year ) the indexable amount is taken to be altered by substituting an amount worked out using the formula:

where:

"previous indexable" amount means the indexable amount immediately before 1 January in the relevant year;

"indexation factor" means the number for the relevant year using the formula:

"earlier reference period" means the year before the later reference period.

"later reference period" means the year before the relevant year.

(3A) If an indexation factor worked out under subregulation (3) would end with a number greater than 4 if it were worked out to 4 decimal places, the factor is to be rounded up to the third decimal place.

(3B)
If an indexation factor worked out under subregulation (3) would end with a number of 4 or less than 4 if it were worked out to 4 decimal places, the factor is to be rounded down to the third decimal place.

(4)
If, apart from this subregulation, an amount altered under subregulation
(3)
would be an amount of dollars and cents, the amount is to be rounded to the nearest dollar and, if the amount to be rounded is 50 cents, rounded up.

(5)
If the Australian Statistician publishes an index number for a quarter in substitution for an index number previously published by the Australian Statistician for the quarter, the publication of the later index number must be disregarded for the purposes of this regulation.

(6)
However, if the Australian Statistician changes the reference base for the Consumer Price Index, then, for the purposes of this regulation after the change is made, regard must be had only to the index numbers published for the new reference base.


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