INCOME TAX ASSESSMENT ACT 1997

CHAPTER 6 - THE DICTIONARY  

PART 6-1 - CONCEPTS AND TOPICS  

Division 960 - General  

Subdivision 960-M - Indexation  

Operative provisions

SECTION 960-290   Indexation - levy threshold for the major bank levy  

960-290(1)  
You index, on a *quarterly basis, the amount mentioned in the provision listed at item 14 in section 960-265 by:


(a) first, multiplying the amount by its *indexation factor mentioned in subsection (3); and


(b) next, rounding the result in paragraph (a) down to the nearest multiple of $1,000,000.

960-290(2)  
You do not index the amount if the *indexation factor is 1 or less.

960-290(3)  
For indexation of the amount, the indexation factor is:


GDP number for the preceding quarter
GDP number for the base quarter

where:

GDP number for the base quarter
is the estimate that is, at the end of the *quarter to which the indexation is to be applied, the estimate of the Gross Domestic Product: Current Prices-Seasonally Adjusted most recently published by the Australian Statistician for the *quarter ending on 30 June 2017.

GDP number for the preceding quarter
is the estimate of the Gross Domestic Product: Current Prices-Seasonally Adjusted first published by the Australian Statistician for the *quarter preceding the quarter to which the indexation is to be applied.

960-290(4)  
You work out the *indexation factor mentioned in subsection (3) to 3 decimal places (rounding up if the fourth decimal place is 5 or more).


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