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 960-280 Index number 960-280(1)
In most cases, the index number for a *quarter is the All Groups Consumer Price Index number (being the weighted average of the 8 capital cities) first published by the Australian Statistician for the quarter.
Car limit
960-280(2)
For calculating the *car limit, the index number for a *quarter is the index number for the motor vehicle purchase sub-group of the Consumer Price Index, being the weighted average of the 8 capital cities, first published by the Australian Statistician for the quarter.
960-280(3)
If the Australian Statistician changes the index reference period for an *index number, only index numbers published in terms of the new index reference period are to be used after the change.
Genuine redundancy, early retirement schemes, pre-1 July 88 funding credits
960-280(4)
For calculating the amounts mentioned in the provisions listed at items 5, 6 and 7 in section 960-265 , the index number for a *quarter is the estimate of full-time adult average weekly ordinary time earnings for the middle month of the quarter first published by the Australian Statistician in respect of that month.
960-280(5)
Subsection (3) does not apply to the index numbers mentioned in subsection (4).
Exceptions
960-280(6)
This section does not apply in relation to amounts mentioned in the provisions listed at items 8 to 12, or at item 14, in section 960-265 .
View history note
Hide history noteSECTION 960-280 Index number 960-280(1)
In most cases, the index number for a *quarter is the All Groups Consumer Price Index number (being the weighted average of the 8 capital cities) first published by the Australian Statistician for the quarter.
Car limit
960-280(2)
For calculating the *car limit, the index number for a *quarter is the index number for the motor vehicle purchase sub-group of the Consumer Price Index, being the weighted average of the 8 capital cities, first published by the Australian Statistician for the quarter.
960-280(3)
If the Australian Statistician changes the index reference period for an *index number, only index numbers published in terms of the new index reference period are to be used after the change.
Genuine redundancy, early retirement schemes, pre-1 July 88 funding credits
960-280(4)
For calculating the amounts mentioned in the provisions listed at items 5, 6 and 7 in section 960-265 , the index number for a *quarter is the estimate of full-time adult average weekly ordinary time earnings for the middle month of the quarter first published by the Australian Statistician in respect of that month.
960-280(5)
Subsection (3) does not apply to the index numbers mentioned in subsection (4).
Exceptions
960-280(6)
This section does not apply in relation to amounts mentioned in the provisions listed at items 8 to 12, or at item 14, in section 960-265 .
Note:
For the indexation of those amounts, see sections 960-285 and 960-290 .
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.