Taxation Determination
TD 96/24
Income tax: what are the new thresholds and limits for superannuation amounts?
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FOI status:
may be releasedFOI number: I 1015038|
This Determination, to the extent that it is capable of being a 'public ruling' in terms of Part IVAAA of the Taxation Administration Act 1953 , is a public ruling for the purposes of that Part . Taxation Ruling TR 92/1 explains when a Determination is a public ruling and how it is binding on the Commissioner . Unless otherwise stated, this Determination applies to years commencing both before and after its date of issue . However, this Determination does not apply to taxpayers to the extent that it conflicts with the terms of a settlement of a dispute agreed to before the date of issue of the Determination (see paragraphs 21 and 22 of Taxation Ruling TR 92/20). [Note: This is a consolidated version of this document. Refer to the Tax Office Legal Database (http://law.ato.gov.au) to check its currency and to view the details of all changes.] |
1. In accordance with the Income Tax Assessment Act 1936 (the Act), there are a number of thresholds and limits that require indexation each year by movements in full-time adult Average Weekly Ordinary Time Earnings (AWOTE).
2. 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 1996 was $665.80 and the estimate for February 1995 was $639.90. This produces an indexation factor of 1.040.
3. This factor is applied against the 1995/96 thresholds and limits. The new thresholds and limits that will apply from 1 July 1996 are as follows:
4. Subsection 27A(20) - the tax free amount of a bona fide redundancy payment and approved early retirement scheme payment:
- $4,180 to $4,348
- $2,090 to $2,174.
5. Subsections 82AAC(2B) and 82AAT(2B)- the age based deduction limits for superannuation contributions by employers and eligible persons:
- $9,405 to $9,782
- $26,125 to $27,170
- $64,790 to $67,382.
6. Subsection 82AAC(2E) - the elective deduction limit for employer superannuation contributions:
- $26,125 to $27,170.
7. Subsection 140ZD(3) - the RBL limits:
| Lump Sum RBL | $418,000 to $434,720 |
| Pension RBL | $836,000 to $869,440. |
8. Section 159SG - the upper limit for determining the residual amount , i.e., the threshold on the post-June 1983 component of an ETP:
- $83,574 to $86,917.
Commissioner of Taxation
29 May 1996
References
ATO references:
NO NAT 96/4342-7; BANTD41
Subject References:
age based deduction limits
approved early retirement scheme
bona fide redundancy
lump sum reasonable benefit limit
pension reasonable benefit limit
standard contribution limit
Legislative References:
ITAA 27A(20)
ITAA 82AAC(2B)
ITAA 82AAC(2E)
ITAA 82AAT(2B)
ITAA 140ZD(3)
ITAA 159SG
| Date: | Version: | Change: | |
| 29 May 1996 | Original ruling | ||
| You are here | 20 June 2001 | Consolidated ruling | Erratum |
| 27 April 2016 | Withdrawn |