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Taxation Determination

TD 2000/23

Income tax: what are the thresholds and limits for superannuation amounts in 2000-2001?

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FOI status:

may be released

Preamble
The number, subject heading, date of effect and paragraphs 1 to 3 of this Taxation Determination are a 'public ruling' for the purposes of Part IVAAA of the Taxation Administration Act 1953 and are legally binding on the Commissioner. The remainder of the Determination is administratively binding on the Commissioner. Taxation Rulings TR 92/1 and TR 97/16 together explain how a Determination is legally or administratively binding.
Date of effect
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 settlement of a dispute agreed to before the date 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 2000 was $774.80 and the estimate for February 1999 was $743.80. This produces an indexation factor of 1.042.

3. This factor is applied against the 1999-2000 thresholds and limits. The new thresholds and limits that apply from 1 July 2000 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:

$5,062.00 (formerly $4,858)
$2,531.00 (formerly $2,429).

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:

$11,388 (formerly $10,929)
$31,631 (formerly $30,356)
$78,445 (formerly $75,283).

6. For the purposes of subsection 140ZD(3) of the Act, the RBL limits are:

Lump Sum RBL $506,092 (formerly $485,692)
Pension RBL $1,012,181 (formerly $971,382).

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:

$100,696 (formerly $96,637).

Commissioner of Taxation
17 May 2000

Not previously issued in draft form

References

ATO references:
NO 96/4342-7

ISSN: 1038-8982

Related Rulings/Determinations:

TD 96/24
TD 97/11
TD 98/12
TD 1999/27

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

TD 2000/23 history
  Date: Version: Change:
You are here 17 May 2000 Original ruling  
  20 June 2001 Consolidated ruling Erratum
  4 May 2016 Withdrawn  

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