Social Security and Other Legislation Amendment (Further 2012 Budget and Other Measures) Act 2012 (154 of 2012)

Schedule 6   Other amendments

A New Tax System (Family Assistance) Act 1999

6   At the end of Part 2 of Schedule 4

Add:

7 Indexation of certain clean energy amounts

(1) This clause applies to the following amounts:

(a) FTB clean energy child amount;

(b) Clean energy supplement (Part B);

(c) ACO clean energy supplement.

(2) If an amount to which this clause applies is to be indexed under this Part on an indexation day, this Act has effect as if the indexed amount were substituted for that amount on that day.

(3) This is how to work out the indexed amount for an amount to which this clause applies that is to be indexed under this Part on an indexation day (the current indexation day ):

Method statement

Step 1. Work out the current figure for the amount immediately before 1 July 2014.

Step 2. Multiply that current figure, in turn, by the indexation factor (worked out under clause 5) for the amount on each indexation day, for the amount, starting on 1 July 2014 and up to and including the current indexation day: the result is the provisional indexed amount .

Step 3. Use clause 6 to round off the provisional indexed amount: the result is the indexed amount.