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 |
| 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). |
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:
| $90,474 | (formerly $86,495). |
Commissioner of Taxation
28 May 1997
References
ATO references:
NO NAT 96/4342-7
Related Rulings/Determinations:
TD 97/11E
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: | |
| You are here | 28 May 1997 | Original ruling | |
| 20 June 2001 | Consolidated ruling | Erratum | |
| 27 April 2016 | Withdrawn |