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Superannuation Contributions Determination

SCD 1999/3

Superannuation contributions: what is the surcharge threshold for the 1999-2000 financial year under the Termination Payments Tax (Assessment and Collection) Act 1997?

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FOI status:

may be releasedFOI number: I 1018845

Preamble
Superannuation Contributions Determinations do not have the force of law. Each decision made by the Australian Taxation Office is made on the merits of each individual case having regard to any relevant Determinations and Rulings.

1. The Termination Payments Tax (Assessment and Collection) Act 1997 (the Act) 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 1999 was $743.80 and the estimate for February 1998 was $721.30. This produces an indexation factor of 1.031. 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 98/5 specified the previous surcharge threshold for the 1998-99 financial year as $75,856.

5. For the purposes of subsection 10(2) of that Act, the surcharge threshold for the 1999-2000 financial year is:

$78,208

Commissioner of Taxation
19 May 1999

Not previously released in draft form

References

ATO references:
NO 97/6479-8

ISSN 1329 - 2471

Related Rulings/Determinations:

SCD 97/3
SCD 98/5
SCD 1999/1
SCD 1999/2
SCD 1999/4

Subject References:
average weekly ordinary time earnings
earnings base
financial year
indexation
indexation factor
minimum contribution base
superannuation contributions
surcharge
surcharge threshold
threshold

Legislative References:
TPT(AC)A 10(1)
TPT(AC)A 10(2)

SCD 1999/3 history
  Date: Version: Change:
You are here 19 May 1999 Original ruling  
  29 January 2014 Withdrawn  

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