Indexation of threshold amount (financial years 2008–2012)
1A Indexation of threshold amount (financial years 2008–2012)
This clause applies to the determination of the threshold amount for the financial year commencing on 1 July 2008 and subsequent financial years up to and including the financial year commencing on 1 July 2012.
The threshold amount for a financial year is to be determined by multiplying $600,000 by A/B, where—
A is the Sydney CPI number for March in the financial year before the financial year for which the threshold amount is to be determined, and
B is the Sydney CPI number for March 2007, and
A/B is calculated to 3 decimal places.
If the threshold amount for a financial year determined in accordance with subclause (2) would be an amount that is less than the threshold amount for the previous financial year, the threshold amount for the financial year is to be determined to be the same as the threshold amount for that previous financial year.
If the threshold amount determined under this clause for a financial year is not a multiple of $1,000, the amount is to be rounded to the nearest $1,000 (with an amount of $500 to be rounded down).
The Chief Commissioner is to publish a notice in the Gazette before the start of each financial year (starting with the financial year commencing on 1 July 2009 and ending with the financial year commencing on 1 July 2012) specifying the threshold amount determined under this clause for the financial year.
Note.
The threshold amount for the 2008 financial year determined under this clause is $623,000.
In this clause—
Sydney CPI number means the Consumer Price Index (All Groups Index) for Sydney issued by the Australian Statistician.
This Act’s bill:Explanatory memorandumSecond reading speech
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