Taxation Determination
TD 97/11
Income tax: what are the thresholds and limits for superannuation amounts in 1997-98?
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FOI status:
may be releasedFOI number: I 1015366| Preamble |
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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 1997 was $696.10 and the estimate for February 1996 was $665.80. This produces an indexation factor of 1.046.
3. This factor is applied against the 1996-97 thresholds and limits. The new thresholds and limits that will apply from 1 July 1997 are set out in the following paragraphs.
4. For the purposes of subsection 27A(20) of the Act, the tax free amounts of a bona fide redundancy payment or of an approved early retirement scheme payment are:
- $4,548 (formerly $4,348)
- $2,274 (formerly $2,174).
5. For the purposes of subsections 82AAC(2B) and 82AAT(2B) of the Act, the age based deduction limits for superannuation contributions by employers and eligible persons are:
- $10,232 (formerly $9,782)
- $28,420 (formerly $27,170)
- $70,482 (formerly $67,382).
6. For the purposes of subsection 140ZD(3) of the Act, the RBL limits are:
| Lump Sum RBL | $454,718 (formerly $434,720) |
| Pension RBL | $909,435 (formerly $869,440). |
7. For the purposes of section 159SG of the Act, the upper limit for determining the residual amount , i.e., the threshold on the post-June 1983 component of an ETP is:
- $90,916 (formerly $86,917).
Commissioner of Taxation
28 May 1997
Not previously released in draft form
References
ATO references:
NO NAT 96/4342-7
Related Rulings/Determinations:
TD 96/24
Subject References:
age based deduction limits;
approved early retirement scheme;
bona fide redundancy;
elective deduction limit;
lump sum reasonable benefit limit;
pension reasonable benefit limit
Legislative References:
ITAA 27A(20)
ITAA 82AAC(2B)
ITAA 82AAT(2B)
ITAA 140ZD(3)
ITAA 159SG
| Date: | Version: | Change: | |
| 28 May 1997 | Original ruling | ||
| You are here | 20 June 2001 | Consolidated ruling | Erratum |
| 27 April 2016 | Withdrawn |