4Indexation of base rates

4 Indexation of base rates

4 Indexation of base rates

(1) The base rate for each property sector is to be adjusted for the 2018/2019 financial year, and each subsequent financial year, in accordance with this clause.

(2) An adjusted base rate is to be calculated for each property sector by multiplying the base rate for the property sector by A/B, where—

A is the Sydney CPI number for December in the financial year before the financial year for which the adjusted base rate 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 adjusted base rate is not a multiple of 10 cents, the amount is to be rounded to the nearest multiple of 10 cents (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 (starting with the 2018/2019 financial year) specifying the adjusted base rate for each property sector for that financial year, calculated in accordance with this clause.

(5) For the purposes of section 16 (4) of the Act, the adjusted base rate for a financial year is the adjusted base rate notified under subclause (4).

(6) In this clause—

Sydney CPI number means the Consumer Price Index (All Groups Index) for Sydney issued by the Australian Statistician.