VETERANS' ENTITLEMENTS ACT 1986 - SECT 198FA Indexation of Victoria Cross allowance

VETERANS' ENTITLEMENTS ACT 1986 - SECT 198FA

  (1)   In this section, unless the contrary intention appears:

"index number" , in relation to a quarter, means the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published by the Australian Statistician for that quarter.

"relevant rate" means the rate specified in subsection   103(4).

"year to which this section applies" means:

  (a)   the year commencing on 20   September 2005; or

  (b)   any later year commencing on 20   September.

  (2)   Subject to subsection   (3), if at any time, whether before or after the commencement of this section, the Australian Statistician has published or publishes an index number in respect of a quarter in substitution for an index number previously published by the Australian Statistician in respect of that quarter, the publication of the later index number is to be disregarded for the purposes of this section.

  (3)   If at any time, whether before or after the commencement of this section, the Australian Statistician has changed or changes the index reference period for the consumer price index, then, for the purposes of the application of this section after the change took place, or takes place, regard is to be had only to index numbers published in terms of the new index reference period.

  (4)   Where the factor worked out under subsection   (5) in relation to a relevant rate in relation to a year to which this section applies is greater than 1, this Act, and any Act that refers to this Act, have effect as if for that relevant rate there were substituted, on the first day of that year:

  (a)   subject to paragraph   (b)--the rate worked out by multiplying by that factor:

  (i)   where subparagraph   (ii) does not apply--the relevant rate; or

  (ii)   if, because of another application or other applications of this section, this Act has had effect as if another rate was substituted, or other rates were successively substituted, for the relevant rate--the substituted rate or the last substituted rate, as the case may be; or

  (b)   where the amount of the rate worked out under paragraph   (a) is not a multiple of one dollar--a rate equal to that amount rounded up to the nearest multiple of one dollar.

  (5)   The factor to be worked out for the purposes of subsection   (4) in relation to a year to which this section applies is:

  (a)   in relation to the year commencing on 20   September 2005--the number, calculated to 3 decimal places, worked out by dividing the index number for the June quarter 2005 by the index number for the June quarter 2004; or

  (b)   in relation to each subsequent year--the number calculated to 3 decimal places, worked out by dividing the index number for the last preceding June quarter by the highest index number in respect of an earlier June quarter, not being a June quarter that occurred before 2005; or

  (c)   if the number worked out under paragraph   (a) or (b) would, if it were calculated to 4 decimal places, end in a number greater than 4--the number so worked out increased by 0.001.

  (6)   Where, because of the application of this section, this Act has effect as if another rate were substituted for a relevant rate on the first day of a year to which this section applies, the substitution, in so far as it affects instalments of Victoria Cross allowance under this Act, has effect in relation to every instalment of the allowance that falls due on or after the first day of that year.