Superannuation Contributions Determination

SCD 1999/2

Superannuation contributions: what are the indexable amounts for the 1999-2000 financial year under the Termination Payments Tax Imposition Act 1997

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FOI status:

1. The Termination Payments Tax Imposition Act 1997 (the Act) provides that for each indexing financial year the indexable amount is to be an amount which reflects movements in full-time adult average weekly ordinary time earnings (AWOTE).

2. To ascertain an indexable amount, 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 AWOTE estimate for the middle month of the quarter published by the Australian Statistician.

3. The Australian Statistician's AWOTE estimate for February 1999 was $743.80 and the estimate for February 1998 was $721.30. This produces an indexation factor of 1.031. This factor, when multiplied by the indexable amount for the previous year, produces the indexable amount for the current year.

4. Superannuation Contributions Determination SCD 98/4 specified the previous indexable amounts for the 1998-99 financial year as $1,084; $75,856 and $92,111.

5. For the purposes of section 6 of the Act, the indexable amounts for the 1999-2000 financial year are:

Commissioner of Taxation
19 May 1999

Not previously released in draft form

References

ATO references:
NO 97/6479-8

Related Rulings/Determinations:

SCD 97/2
SCD 98/4
SCD 1999/1
SCD 1999/3
SCD 1999/4

Subject References:
average weekly ordinary time earnings
earnings base
financial year
indexable amount
indexation
indexation factor
minimum contribution base
superannuation contributions
surcharge
surcharge threshold
threshold

Legislative References:
TPTIA 5
TPTIA 6