Superannuation Contributions Determination
SCD 2003/3
Superannuation contributions: what is the surcharge threshold for the 2003-2004 financial year under the Termination Payments Tax (Assessment and Collection) 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 (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 2003 was $900.40 and the estimate for February 2002 was $860.50. 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 2002/3 specified the previous surcharge threshold for the 2002-2003 financial year as $90,527.
5. For the purposes of subsection 10(2) of the TPT(AC)A, the surcharge threshold for the 2003-2004 financial year is:
- $94,691
Commissioner of Taxation
4 June 2003
Not previously released in draft form.
References
ATO references:
NO T2000/8247
Related Rulings/Determinations:
SCD 97/3
SCD 98/5
SCD 1999/3
SCD 2000/3
SCD 2001/3
SCD 2002/3
SCD 2003/1
SCD 2003/2
SCD 2003/4
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 1997
TPT(AC)A 1997 10(2)
| Date: | Version: | Change: | |
| You are here | 4 June 2003 | Original ruling | |
| 29 January 2014 | Withdrawn |