6Calculation of tax unit for purposes of regulation

6 Calculation of tax unit for purposes of regulation

6 Calculation of tax unit for purposes of regulation

(1) For this regulation, a tax unit is—

(a) in the financial year commencing on 1 July 2025—$1, and

(b) in each later financial year—the amount calculated as follows—

where—

A is the sum of the CPI numbers for the March, June, September and December quarters in the calendar year preceding the financial year for which the amount is calculated.

B is the sum of the CPI numbers for the March, June, September and December quarters immediately before 1 January 2025.

(2) The amount of a tax unit must be rounded to the nearest cent, and an amount of 0.5 cent must be rounded down.

(3) If the amount of a tax unit calculated for a financial year is less than the amount that applied for the previous financial year, the amount for the previous financial year applies instead.

(4) As soon as practicable after the Australian Bureau of Statistics publishes the CPI number for the December quarter, Transport for NSW must—

(a) notify the Parliamentary Counsel of the amount of the tax unit for the next financial year to allow notice of the amount to be published on the NSW legislation website, and

(b) publish, on an appropriate NSW Government website, the taxes applying in each financial year under this section.

(5) A failure to comply with subsection (4) does not affect the operation of this section.

(6) In this section—

CPI number means the Consumer Price Index (All Groups Index) for Sydney published by the Australian Bureau of Statistics in the latest published series of the index.