AUSTRALIAN TAXATION OFFICE
HIGHER EDUCATION SUPPORT ACT 2003
Factor to Index an Accumulated HELP Debt
I, ROBERT RAVANELLO, as delegate of the Commissioner of Taxation, HEREBY NOTIFY, pursuant to section 140-20 of the Higher Education Support Act 2003, that 1.020 is the HELP debt indexation factor for 1 June 2013 to be used in working out accumulated HELP debts for the 2012-2013 financial year.
In accordance with section 140-10 of the Higher Education Support Act 2003, the HELP debt indexation factor is the number worked out to three decimal places using the formula:
the sum of the index number for the March 2013 quarter and the index numbers for the three immediately preceding quarters
divided by
the sum of the index number for the March 2012 quarter and the index numbers for the three 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 eight capital cities, published by the Australian Statistician in respect of that quarter.
Indexation factor for 1 June 2013 = Mar13+Dec12+Sep12+Jun12
Mar12+Dec11+Sep11+Jun11
= 102.4 + 102.0 + 101.8 + 100.4
99.9 + 99.8 + 99.8 + 99.2
= 406.6
398.7
= 1.020 (to three decimal places)
The indexation factor is 1.020 and the effective percentage increase is 2.0%.
Dated this sixth day of May 2013
Robert Ravanello
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