Taxation Determination

TD 96/24

Income tax: what are the new thresholds and limits for superannuation amounts?

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FOI status:

may be releasedFOI number: I 1015038

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).

[Note: This is a consolidated version of this document. Refer to the Tax Office Legal Database (http://law.ato.gov.au) to check its currency and to view the details of all changes.]

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 1996 was $665.80 and the estimate for February 1995 was $639.90. This produces an indexation factor of 1.040.

3. This factor is applied against the 1995/96 thresholds and limits. The new thresholds and limits that will apply from 1 July 1996 are as follows:

4. Subsection 27A(20) - the tax free amount of a bona fide redundancy payment and approved early retirement scheme payment:

$4,180 to $4,348

$2,090 to $2,174.

5. Subsections 82AAC(2B) and 82AAT(2B)- the age based deduction limits for superannuation contributions by employers and eligible persons:

$9,405 to $9,782

$26,125 to $27,170

$64,790 to $67,382.

6. Subsection 82AAC(2E) - the elective deduction limit for employer superannuation contributions:

$26,125 to $27,170.

7. Subsection 140ZD(3) - the RBL limits:

Lump Sum RBL	$418,000 to $434,720
Pension RBL	$836,000 to $869,440.

8. Section 159SG - the upper limit for determining the residual amount , i.e., the threshold on the post-June 1983 component of an ETP:

$83,574 to $86,917.

Commissioner of Taxation
29 May 1996

References

ATO references:
NO NAT 96/4342-7; BANTD41

ISSN 1038 - 8982

Subject References:
age based deduction limits
approved early retirement scheme
bona fide redundancy
lump sum reasonable benefit limit
pension reasonable benefit limit
standard contribution limit

Legislative References:
ITAA 27A(20)
ITAA 82AAC(2B)
ITAA 82AAC(2E)
ITAA 82AAT(2B)
ITAA 140ZD(3)
ITAA 159SG

TD 96/24 history

	Date:	Version:	Change:
	29 May 1996	Original ruling
You are here	20 June 2001	Consolidated ruling	Erratum
	27 April 2016	Withdrawn

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