28Indexation factor for valuation purposes—non‑remote housing

#### 28 Indexation factor for valuation purposes—non‑remote housing (1) For the purposes of section 26, the indexation factor in respect of a year of tax (in this subsection referred to as the current year of tax) in respect of a State or Territory is the number (calculated to 3 decimal places) ascertained, as at the date on which the rent index number in respect of the State or Territory for the December quarter immediately preceding the current year of tax was first published, by dividing the sum of: (a) the rent index number in respect of the State or Territory in respect of the December quarter immediately preceding the current year of tax; and (b) the rent index numbers in respect of the State or Territory in respect of the 3 quarters that immediately preceded that quarter; by the sum of: (c) the rent index number in respect of the State or Territory in respect of the December quarter immediately preceding the year of tax that next preceded the current year of tax; and (d) the rent index numbers in respect of the State or Territory in respect of the 3 quarters that immediately preceded the last‑mentioned quarter. (2) Subject to subsection (3), if at any time, whether before or after the commencement of this section, the Australian Statistician has published or publishes a rent index number in respect of a State or Territory in respect of a quarter in substitution for a rent index number in respect of the State or Territory previously published in respect of that quarter, the publication of the later rent index number shall be disregarded for the purposes of this section. (3) If at any time, whether before or after the commencement of this section, the Australian Statistician has changed or changes the index reference period for the rent sub‑group of the Consumer Price Index, then, for the purposes of the application of this section after the change took place or takes place, regard shall be had only to the index numbers published in terms of the new index reference period. (4) Where the factor ascertained in accordance with subsection (1) in relation to a year of tax would, if it were calculated to 4 decimal places, end with a number greater than 4, the factor ascertained in accordance with that subsection in relation to that year of tax shall be taken to be the factor calculated to 3 decimal places in accordance with that subsection and increased by 0.001. (5) For the purposes of this Subdivision: (a) the Jervis Bay Territory shall be deemed to be part of the State of New South Wales; and (b) the Territory of Christmas Island and the Territory of Cocos (Keeling) Islands shall be deemed to be part of the Northern Territory.