Taxation Determination

TD 97/11

Income tax: what are the thresholds and limits for superannuation amounts in 1997-98?

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FOI status:

may be releasedFOI number: I 1015366

Preamble

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 1997 was $696.10 and the estimate for February 1996 was $665.80. This produces an indexation factor of 1.046.

3. This factor is applied against the 1996-97 thresholds and limits. The new thresholds and limits that will apply from 1 July 1997 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:

$4,548 (formerly $4,348)

$2,274 (formerly $2,174).

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:

$10,232 (formerly $9,782)

$28,420 (formerly $27,170)

$70,482 (formerly $67,382).

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

Lump Sum RBL	$454,718 (formerly $434,720)
Pension RBL	$909,435 (formerly $869,440).

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:

$90,916 (formerly $86,917).

Commissioner of Taxation
28 May 1997

Not previously released in draft form

References

ATO references:
NO NAT 96/4342-7

ISSN 1038 - 8982

Related Rulings/Determinations:

TD 96/24

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 97/11 history

	Date:	Version:	Change:
	28 May 1997	Original ruling
You are here	20 June 2001	Consolidated ruling	Erratum
	27 April 2016	Withdrawn

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