4AMeaning of threshold remuneration amount

4A Meaning of threshold remuneration amount

Guide to this section

The purpose of this section is to define threshold remuneration amount.

(1) The threshold remuneration amount for a reporting period is: (a) for a reporting period that begins on or after 29 June 2018 and ends on or before 30 June 2019—$220,000; or (b) for a reporting period that begins in a financial year that begins on or after 1 July 2019—the amount worked out using the following formula rounded to the nearest multiple of $5,000: Start formula $220,000 times Indexation factor for the financial year end formula (2) The indexation factor for a financial year is the number worked out using the following formula: Start formula start fraction Index number for the reference June quarter over Index number for the base June quarter end fraction end formula where:

base June quarter means the June quarter ending on 30 June 2018.

index number, for a quarter, means the Wage Price Index (total hourly rates of pay excluding bonuses/public sector/all Australia/original) number published by the Australian Statistician in respect of that quarter.

June quarter means a 3‑month period ending on 30 June.

reference June quarter means the June quarter immediately before the financial year.

(3) The indexation factor is to be calculated to 3 decimal places (rounding up if the fourth decimal place is 5 or more). (4) The indexation factor is to be worked out: (a) using only the index numbers published in terms of the most recently published index reference period for the Wage Price Index; and (b) disregarding index numbers published in substitution for previously published index numbers (except where the substituted numbers are published to take account of changes in the index reference period).