Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For the purposes of subsection 15C(1) of the Act, this regulation:
(a) prescribes the amount of the contractor high income threshold for the year starting on 1 July 2024; and
(b) sets out the manner in which the contractor high income threshold is to be worked out for a later year starting on 1 July.
Amount for year starting on 1 July 2024
(2) The amount for the year starting on 1 July 2024 is $175,000.
Amount for a later year
(3) The amount for the year starting on 1 July 2025, or a later year starting on 1 July, is:
(a) for the year starting on 1 July 2025--the amount for the year starting on 1 July 2024, indexed using the following method statement; or
(b) for a later year--the amount worked out under this subregulation for the previous year, indexed using the following method statement.
Method statement
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 amount referred to in paragraph (a) or (b) (as the case may be) 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 amount for the year.