Superannuation Guarantee Determination

SGD 98/1

Superannuation Guarantee: what is the maximum contribution base for each contribution period in 1998-99

• 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. $24,480.

2. By applying subsection 15(3) of the Superannuation Guarantee (Administration) Act 1992 (the Act), the maximum contribution base for a contribution period in 1998-99 is:

3. By applying section 9 of the Act, the indexation factor for 1998-99 is the greater of '1' and the number found by dividing the AWOTE amount for February 1998 by the AWOTE amount for February 1997.

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 1998 was $721.30 and the estimate for February 1997 was $696.10.

5. This produces an indexation factor of 1.036. When applied to $23,630, the amount comes to $24,480.68. 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 1998-99. contribution periods is $24,480.

Commissioner of Taxation
3 June 1998

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)