5Maximum remission

5 Maximum remission

(1)  In this regulation –

CPI figure means the Consumer Price Index (All Groups) Number for Hobart published by the Australian Statistician under the authority of the Census and Statistics Act 1905 of the Commonwealth;

March quarter, in relation to a financial year, means the months of January, February and March in that financial year.

(2)  For the purpose of section 4(2) of the Act, the maximum amount that may be remitted each financial year by a municipality in respect of rates and charges payable in respect of any one area of land is the amount calculated in accordance with the following formula:

where –

A is the maximum amount that may be remitted for the financial year, rounded to the nearest cent in accordance with subregulation (5) and then rounded to the nearest dollar in accordance with subregulation (6) ;

B is the maximum amount, before rounding, that could be remitted in the financial year immediately preceding the financial year in which the maximum amount is to apply;

C is the CPI figure for the March quarter of the financial year immediately preceding the financial year in which the maximum amount is to apply;

D is the CPI figure for the March quarter immediately preceding the March quarter referred to in the definition of C.

(3)  If the maximum amount A in subregulation (2) is less than the maximum amount for the preceding year, the maximum amount that may be remitted is to remain the same as the preceding year.

(4)  For the purposes of section 4(2) of the Act, and for the purposes of the application of subregulations (2) and in relation to any subsequent financial year, the maximum amount that may be remitted for the 2024-2025 financial year is –