Taxation Determination

TD 1999/27

Income tax: what are the thresholds and limits for superannuation amounts in 1999-2000?

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FOI status:

may be releasedFOI number: I 1018866

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 1999 was $743.80 and the estimate for February 1998 was $721.30. This produces an indexation factor of 1.031.

3. This factor is applied against the 1998-99 thresholds and limits. The new thresholds and limits that apply from 1 July 1999 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:

$4,858 (formerly $4,712)

$2,429 (formerly $2,356).

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:

$10,929 (formerly $10,600)

$30,356 (formerly $29,443)

$75,283 (formerly $73,019).

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

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:

$96,637 (formerly $93,731).

Commissioner of Taxation
19 May 1999

Not previously released in draft form

References

ATO references:
NO 96/4342-7

Related Rulings/Determinations:

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

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 27(2)
ITAA 82AAC(2B)
ITAA 82AAT(2B)
ITAA 140ZD(3)
ITAA 159SG