• Legal database
Legal database

Superannuation Contributions Determination

SCD 97/3

Superannuation contributions: what is the surcharge threshold for the 1997-98 financial year under the Termination Payments Tax (Assessment and Collection) Act 1997 ?

This version is no longer current. Please follow this link to view the current version.

  • Please note that the PDF version is the authorised version of this ruling.
    This document incorporates revisions made since original publication. View its history and amending notices, if applicable.

FOI status:

May be releasedFOI number: I 1218386

1. The Termination Payments Tax (Assessment and Collection) Act 1997 (the Act) 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.

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 estimate of full-time adult average weekly ordinary time earnings for the middle month of the quarter published by the Australian Statistician.

3. The Australian Statistician's estimate of the full-time adult average weekly ordinary time earnings for February 1997 was $696.10 and the estimate for February 1996 was $665.80. 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. Subsection 10(1) of the Act specifies the surcharge threshold for the 1996-97 financial year as $70,000.

5. For the purposes of subsection 10(2) of that Act, the surcharge threshold for the 1997-98 financial year is: $73,220.

Commissioner of Taxation
30 July 1997

References

ATO references:
NO 97/6479-8

ISSN 1329 - 2471

Related Rulings/Determinations:

SCD 97/1
SCD 97/2
SCD 97/4

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 10(1)
TPT(AC)A 10(2)

SCD 97/3 history
  Date: Version: Change:
You are here 30 July 1997 Original ruling  
  29 January 2014 Withdrawn  

Back to top