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Section : Second indexation
Domain : Human Resource Management
Classification : Not Identified

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(3) The high income threshold for the year starting on 1 July 2010, or a later year starting on 1 July, is the threshold for the previous year, indexed using the following steps.

Step 1 Identify the assessment of current average weekly ordinary time earnings published by the Australian Statistician and in effect on 1 July in the current year. Note This is the amount of the average weekly ordinary time earnings, seasonally adjusted, for full-time adult employees of all employees in Australia for that day.

Step 2 Divide it by the assessment of current average weekly ordinary time earnings published by the Australian Statistician and in effect on 1 July of the previous year. Note This is the amount of the average weekly ordinary time earnings, seasonally adjusted, for full-time adult employees of all employees in Australia for that day. Step 3 Round the result to 3 decimal places. If the fourth decimal place is 5 or above, round it up. If the rounded result is less than 1, the rounded result becomes 1. Multiply the high income threshold for the previous year by the rounded result.