Superannuation Guarantee Determination

SGD 94/7

What is the maximum contribution base for each contribution period in 1994-95?

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FOI status:

1. $20,780.

2. Sub-section 15(2) of the Superannuation Guarantee (Administration) Act 1992

provides that the maximum contribution base for a contribution period in 1994-95 is:

$20,160 * Indexation factor for the 1994-95 year


3. Section 9 defines the indexation factor for 1994-95 as the greater of '1' and the number found by dividing the AWOTE amount for February 1994 by the AWOTE amount for February 1993.

4. The AWOTE amount is an estimate by the Australian Statistician of the full-time adult average weekly ordinary time earnings for persons in Australia. The estimate for February 1994 was $612.30 and the estimate for February 1993 was $593.70.

5. This produces an indexation factor of 1.031. When applied to $20,160, the amount comes to $20,784. Subsection 15(4) provides for this amount to be rounded to the nearest 10 dollar multiple. Therefore, the maximum contribution base for 1994-95 contribution periods is $20,780.

Commissioner of Taxation
2/6/94

References

ATO references:
NO NAT 93/8203-8

Related Rulings/Determinations:

SGD 937

Subject References:
maximum contributions base;
earnings base;
average weekly ordinary time earnings

Legislative References:
SGAA 9;
SGAA 15