OPS 2005/HECS
AUSTRALIAN GOVERNMENT
This Legislative Instrument has been repealed by Spent and Redundant Instruments Repeal Regulation 2014 (No. 2).Higher Education Funding Act 1988
I, Erin Kathleen Holland, as delegate of the Commissioner of Taxation, notify that pursuant to subsection 106N(9) of the Higher Education Funding Act 1988, that 1.024 is the factor to be used for the indexing of accumulated higher education contribution (HEC) debts on 1 June 2005.Citation
This instrument may be cited as a factor to index an accumulated HEC debt.
Commencement
This Instrument commences on 1 June 2005.
Application
In accordance with subsection 106N(5) of the Higher Education Funding Act 1988, the indexation factor is the number worked out to three decimal places using the formula:
| the sum of the index number for the March 2005 quarter and the index numbers for the 3 immediately preceding quarters |
| divided by |
| the sum of the index number for the March 2004 quarter and the index numbers for the 3 immediately preceding quarters, |
| where 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 in respect of that quarter. |
Indexation factor for 1 June 2005:
The indexation factor is 1.024 and the effective percentage increase is 2.4%.= [Mar05 + Dec04 + Sep04 + Jun04] ÷ [Mar04 + Dec03 + Sep03 + Jun03]
= [147.5 + 146.5 + 145.4 + 144.8] ÷ [144.1 + 142.8 + 142.1 + 141.3]
= 584.2 / 570.3
= 1.024 (to 3 decimal places)
Dated this 11th day of May 2005
(Erin Kathleen Holland)
Deputy Commissioner of Taxation
Registration Number: F2005L01176
Registration Date: 16 May 2005
Related Explanatory Statements:
OPS 2005/HECS - Explanatory statement