Document ID: chunk:federal_register_of_legislation:F2024C01158:reg:4:p14
Version: federal_register_of_legislation:F2024C01158
Segment Type: reg
Provision Reference: reg 4 (pt 14/32)
Character Range: 83859–86476

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 employers 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 employers 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.
        If the result is not a multiple of $100, round the result to the nearest multiple of $100. If the result is a multiple of $50, round it up to the next multiple of $100.
        The result is the high income threshold for the year starting on 1 July.

Division 5—Fixed term contracts

2.14  Limitations on fixed term contracts—high income threshold exception
 (1) For the purposes of subsection 333F(2) of the Act, the high income threshold for that year for an employee (the engaged employee) mentioned in paragraph 333F(2)(a) or (b) of the Act is taken to be the amount worked out under subregulation (2).
 (2) The amount is to be worked out as follows:
 (a) begin with the number of hours that, under the terms of the contract mentioned in subsection 333F(2) of the Act, the engaged employee is required to work in that year;
 (b) divide that number of hours by the number of hours that a full‑time employee would work in that year (rounding to 3 decimal places, and rounding up if the fourth decimal place is 5 or more);
 (c) multiply the result of paragraph (b) by the high income threshold, for the financial year in which the contract is entered into, worked out under regulation 2.13.
 (3) A number of hours referred to in paragraph (2)(a) or (b) may include a part of an hour.
 (4) For the purposes of paragraph (2)(b), assume the number of hours that a full‑time employee would work is:
 (a) if an enterprise agreement or a modern award applies to the engaged employee at the time the contract is entered into—the number