AUSTRALIAN TAXATION OFFICE
HIGHER EDUCATION SUPPORT ACT 2003
Factor to Index an Accumulated HELP Debt
I, CHRISTINE WINKLER, of the Australian Taxation Office, HEREBY NOTIFY, pursuant to section 140-20 of the Higher Education Support Act 2003, that 1.026 is the HELP debt indexation factor for 1 June 2014 to be used in working out accumulated HELP debts for the 2013-2014 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 2014 quarter and the index numbers for the three immediately preceding quarters
divided by
the sum of the index number for the March 2013 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 2014 = Mar14+Dec13+Sep13+Jun13
Mar13+Dec12+Sep12+Jun12
= 105.4 + 104.8 + 104.0 + 102.8
102.4 + 102.0 + 101.8 + 100.4
= 417 divided by
406.6
= 1.026 (to three decimal places)
The indexation factor is 1.026 and the effective percentage increase is 2.6%.
Dated this ___5th___ day of ___May____ 2014
__Christine Winkler_______________________