Superannuation Contributions Determination
SCD 98/4
Superannuation contributions: what are the indexable amounts for the 1998-99 financial year under the Termination Payments Tax Imposition Act 1997?
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FOI status:
May be releasedFOI number: I 1017507| [Note: This is a consolidated version of this document. Refer to the Tax Office Legal Database (http://law.ato.gov.au) to check its currency and to view the details of all changes.] |
1. The Termination Payments Tax Imposition Act 1997 (the Act) provides that for each indexing financial year the 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. 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 1998 was $721.30 and the estimate for February 1997 was $696.10. This produces an indexation factor of 1.036. This factor, when multiplied by the indexable amount for the previous year, produces the indexable amount for the current year.
4. Superannuation Contributions Determination SCD 97/2 specified the previous indexable amounts for the 1997-98 financial year as $1,046; $73,220 and $88,910.
5. For the purposes of section 6 of the Act, the indexable amounts for the 1998-99 financial year are:
| $1,084 | ||
| $75,856 | ||
| $92,111. |
Commissioner of Taxation
3 June 1998
Not previously released in draft form
References
ATO references:
NO 97/6479-8
Related Rulings/Determinations:
SCD 98/3
SCD 98/5
SCD 98/6
Subject References:
average weekly ordinary time earnings
earnings base
financial year
indexable amount
indexation
indexation factor
minimum contribution base
superannuation contributions
surcharge
surcharge threshold
threshold
Legislative References:
TPTIA 5
TPTIA 6
| Date: | Version: | Change: | |
| 3 June 1998 | Original ruling | ||
| You are here | 10 June 1998 | Consolidated ruling | Addendum |
| 29 January 2014 | Withdrawn |