Superannuation Guarantee Determination

SGD 97/2

Superannuation Guarantee: what is the maximum contribution base for each contribution period in 1997-98?

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FOI status:

1. $23,630.

2. By applying subsection 15(3) of the Superannuation Guarantee (Administration) Act 1992 (the Act), the maximum contribution base for a contribution period in 1997-98 is:

3. By applying section 9 of the Act, the indexation factor for 1997-98 is the greater of '1' and the number found by dividing the AWOTE amount for February 1997 by the AWOTE amount for February 1996.

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 1997 was $696.10 and the estimate for February 1996 was $665.80.

5. This produces an indexation factor of 1.046. When applied to $22,590, the amount comes to $23,629.14. Subsection 15(4) provides for this amount to be rounded to the nearest 10 dollar multiple (rounding 5 dollars upwards). Therefore, the maximum contribution base for 1997-98 contribution periods is $23,630.

Commissioner of Taxation
28 May 1997

References

ATO references:
NO NAT 96/3689-7; BAN SGD5

Related Rulings/Determinations:

SGD 94/7;
SGD 95/2;
SGD 96/1

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

Legislative References:
SGAA 9;
SGAA 15(3);
SGAA 15(4)