Superannuation Contributions Determination
SCD 2004/2
Superannuation contributions: what are the indexable amounts for the 2004-2005 financial year under the Termination Payments Tax Imposition Act 1997 ?
This version is no longer current. Please follow this link to view the current version. |
-
Please note that the PDF version is the authorised version of this ruling.This document incorporates revisions made since original publication. View its history and amending notices, if applicable.
FOI status:
may be released| Preamble |
| Superannuation Contributions Determinations do not have the force of law. Each decision made by the Australian Taxation Office is made on the merits of the individual case having regard to any relevant Rulings and Determinations. |
1. The Termination Payments Tax Imposition Act 1997 (TPTIA) provides that for each indexing financial year each indexable amount is to be an amount which reflects movements in full-time adult average weekly ordinary time earnings (AWOTE).
2. To ascertain an indexable amount, an indexation factor is calculated by dividing the index number for the last quarter in the current March year by the index number for the last quarter in the previous March year.[F1] The index number for a quarter is the AWOTE estimate for the middle month of the quarter published by the Australian Statistician.
3. The Australian Statistician's AWOTE estimate for February 2004 was $947.80 and the estimate for February 2003 was $900.40. This produces an indexation factor of 1.053. This factor, when multiplied by the indexable amount for the previous year, produces the indexable amount for the current year.[F2]
4. For the purpose of this Determination, the previous indexable amounts, as set out in subsection 5(1AA) of the TPTIA, are $94,691 (the lower income amount) and $114,981 (the higher income amount).
5. For the purpose of subsection 5(1AA) of the TPTIA, the indexable amounts (as calculated under section 6) for the 2004-2005 financial year are:
- • $99,710 (the lower income amount); and
- • $121,075 (the higher income amount).
6. These indexable amounts are relevant for working out the rate of the termination payments surcharge payable on a termination payment made to or for a taxpayer in a particular year under section 5 of the TPTIA. Superannuation Contributions Determination SCD 2004/5 provides details of the calculation of the amount represented by 'A' in the first formula contained under subsection 5(1) of the TPTIA.
Date of effect
7. This Determination applies to the 2004-2005 financial year.
Commissioner of Taxation
18 June 2004
Not previously issued in draft form.
Previous Determinations:
References
ATO references:
NO 2004/6292
Related Rulings/Determinations:
SCD 2004/1
SCD 2004/3
SCD 2004/4
SCD 2004/5
Subject References:
average weekly ordinary time earnings
financial year
higher income amount
indexable amount
indexation
indexation factor
lower income amount
superannuation contributions
termination payments surcharge
Legislative References:
TPTIA 1997
TPTIA 1997 5
TPTIA 1997 5(1)
TPTIA 1997 5(1AA)
TPTIA 1997 6
TPTIA 1997 6(1)
TPTIA 1997 6(3)
| Date: | Version: | Change: | |
| You are here | 18 June 2004 | Original ruling | |
| 29 January 2014 | Withdrawn |