25Pensioner discount amount

25 Pensioner discount amount

25 Pensioner discount amount

(1) The pensioner discount amount is the indexed amount for the financial year for which the levy is payable.

(2) The indexed amount is the amount determined by multiplying $50 by A/B, where:

A is the Sydney CPI number for December in the financial year before the financial year for which the indexed amount is being determined, and

B is the Sydney CPI number for December 2016, and

A/B is calculated to the nearest 3 decimal places (and a fourth decimal place of 5 is to be rounded up).

(3) If the indexed amount is not a multiple of 10 cents, the amount is to be rounded to the nearest 10 cent multiple (and an amount of 5 cents is to be rounded up).

(4) The Treasurer is to publish a notice on the NSW legislation website by 30 April before the commencement of each financial year for which the levy is payable specifying the indexed amount for that financial year, calculated in accordance with this section.

(5) In this section:

Sydney CPI number means the Consumer Price Index (All Groups Index) for Sydney issued by the Australian Statistician or, if the Australian Statistician fails or ceases to issue that number, another number or index prescribed by the regulations.

s 25: Am 2017 No 32, Sch 3.2 [3] [4].