Treasury on Wed 17.4.2013, issued a proposals paper seeking comments on a proposal to update a number of tax and superannuation thresholds to reflect changes made by the Australian Bureau of Statistics (ABS) to the frequency of reporting average weekly ordinary time earnings (AWOTE). Last year, the ABS decided that it will only issue AWOTE publications biannually (June and December) instead of quarterly (March, June, September and December). The first biannual ABS AWOTE publication was for December 2012. The paper proposes that amendments be made to update tax and superannuation thresholds that reference the March AWOTE quarter to instead reference the preceding December quarter.
COMMENTS are due by 26 April 2013.
[LTN 73, 18/4/13]