Superannuation Contributions Determination
SCD 2001/3
Superannuation contributions: what is the surcharge threshold for the 2001-2002 financial year under the Termination Payments Tax (Assessment and Collection) Act 1997 ?
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may be releasedI 1024326
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| Superannuation Guarantee Determinations (SGDs) do not have the force of law. Each decision made by the Australian Taxation Office is made on the merits of the individual case having regard to any relevant Rulings and Determinations. |
1. The Termination Payments Tax (Assessment and Collection) Act 1997 (TPT(AC)A) provides that for each financial year the surcharge threshold is to be an amount which reflects movements in full-time adult average weekly ordinary time earnings (AWOTE).
2. To ascertain the surcharge threshold, 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 2001 was $810.60 and the estimate for February 2000 was $774.80. This produces an indexation factor of 1.046. This factor, when multiplied by the surcharge threshold for the previous year, produces the surcharge threshold for the current year.
4. Superannuation Contributions Determination SCD 2000/3 specified the previous surcharge threshold for the 2000-2001 financial year as $81,493.
5. For the purposes of subsection 10(2) of the TPT(AC)A, the surcharge threshold for the 2001-2002 financial year is:
$85,242.
Commissioner of Taxation
13 June 2001
Not previously released in draft form
T2000/8247
SCD 97/3
SCD 98/5
SCD 1999/3
SCD 2000/3
SCD 2001/1
SCD 2001/2
SCD 2001/4
average weekly ordinary time earnings
earnings base
financial year
indexation
indexation factor
minimum contribution base
superannuation contributions
surcharge
surcharge threshold
threshold