Superannuation Guarantee Determination

SGD 2005/1

Superannuation guarantee: what is the maximum contribution base for a quarter in the 2005-2006 year?

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FOI status:

may be released

Preamble

1. $33,720.

2. By applying subsection 15(3) of the Superannuation Guarantee (Administration) Act 1992 (SGAA 1992), the maximum contribution base for a quarter in the 2005-2006 year is:

$32,180 (maximum contribution base for a quarter in 2004-2005) x Indexation factor for the 2005-2006 year


3. By applying section 9 of the SGAA 1992, the indexation factor for 2005-2006 is the greater of '1' and the number found by dividing the AWOTE amount for February 2005 by the AWOTE amount for February 2004.

4. The AWOTE amount is an estimate by the Australian Statistician of the full-time AWOTE for persons in Australia. The estimate for February 2005 was $992.90 and the estimate for February 2004 was $947.80.

5. This produces an indexation factor of 1.048. When applied to $32,180 the amount comes to $33,724.64. 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 2005-2006 year is $33,720.

Date of effect

6. This Determination applies to the 2005-2006 financial year.

Commissioner of Taxation
8 June 2005

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

SGD 2003/1

SGD 2004/1

References

ATO references:
NO 2004/6291

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

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