Superannuation Guarantee Determination

SGD 2003/1

Superannuation guarantee: what is the maximum contribution base for each contribution period in 2003-2004?

• Please note that the PDF version is the authorised version of this ruling.
  This document incorporates revisions made since original publication. View its history and amending notices, if applicable.

FOI status:

1. $30,560.

2. By applying subsection 15(3) of the Superannuation Guarantee (Administration) Act 1992 (SGAA 1992), the maximum contribution base for a contribution period in 2003-2004 is:

3. By applying section 9 of the SGAA 1992, the indexation factor for 2003-2004 is the greater of '1' and the number found by dividing the AWOTE amount for February 2003 by the AWOTE amount for February 2002.

4. The AWOTE amount is an estimate by the Australian Statistician of the full-time AWOTE for persons in Australia. The estimate for February 2003 was $900.40 and the estimate for February 2002 was $860.50.

5. This produces an indexation factor of 1.046. When applied to $29,220 the amount comes to $30,564.12. 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 the 2003-2004 contribution period is $30,560.

Commissioner of Taxation
4 June 2003

Not previously released in draft form.

References

ATO references:
NO T1996/3689-7

Related Rulings/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

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)