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Superannuation Contributions Determination

SCD 2002/2

Superannuation contributions: what are the indexable amounts for the 2002-2003 financial year under the Termination Payments Tax Imposition Act 1997 ?

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FOI status:

may be released

Preamble
Superannuation Contributions Determinations (SCDs) 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 Imposition Act 1997 (the TPTIA) provides that for each indexing financial year the indexable amount is to be an amount which reflects movements in full-time adult average weekly ordinary time earnings (AWOTE).

2. To ascertain an indexable amount, 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 2002 was $860.50 and the estimate for February 2001 was $810.60. This produces an indexation factor of 1.062. This factor, when multiplied by the indexable amount for the previous year, produces the indexable amount for the current year.

4. Superannuation Contributions Determination SCD 2001/2 specified the previous indexable amounts for the 2001-2002 financial year as $1,219; $85,242 and $103,507.

5. For the purposes of section 6 of the TPTIA, the indexable amounts for the 2002-2003 financial year are:

$1,295
$90,527
$109,924

Commissioner of Taxation
24 May 2002

Not previously released in draft form.

References

ATO references:
NO T2000/8247

ISSN: 1329-2471

Related Rulings/Determinations:

SCD 97/2
SCD 98/4
SCD 1999/2
SCD 2000/2
SCD 2001/2
SCD 2002/1
SCD 2002/3
SCD 2002/4

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

Legislative References:
TPTIA 5
TPTIA 6

SCD 2002/2 history
  Date: Version: Change:
You are here 24 May 2002 Original ruling  
  29 January 2014 Withdrawn  

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