Superannuation Guarantee Determination

SGD 2004/1

Superannuation guarantee: what is the maximum contribution base for a quarter in the 2004-2005 year?

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FOI status:

may be released

1. $32,180.

2. By applying subsection 15(3) of the Superannuation Guarantee (Administration) Act 1992 (SGAA 1992), the maximum contribution base for a quarter in the 2004-2005 year is:

$30,560 (maximum contribution base for a quarter in 2003-2004) * Indexation factor for the 2004-2005 year


3. By applying section 9 of the SGAA 1992, the indexation factor for 2004-2005 is the greater of '1' and the number found by dividing the AWOTE amount for February 2004 by the AWOTE amount for February 2003.

4. The AWOTE amount is an estimate by the Australian Statistician of the full-time AWOTE for persons in Australia. The estimate for February 2004 was $947.80 and the estimate for February 2003 was $900.40.

5. This produces an indexation factor of 1.053. When applied to $30,560 the amount comes to $32,179.68. 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 a quarter in the 2004-2005 year is $32,180.

Date of effect

6. This Determination applies to the 2004-2005 financial year.

Commissioner of Taxation
11 June 2004

Not previously issued in draft form.

Previously Determinations:

SGD 94/7,

SGD 95/2,

SGD 96/1,

SGD 97/2,

SGD 98/1,

SGD 1999/1,

SGD 2000/1,

SGD 2001/1,

SGD 2002/1, and

SGD 2003/1.

References

ATO references:
NO 2004/6291

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

Legislative References:
SGAA 1992 9
SGAA 1992 15(3)
SGAA 1992 15(4)