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  • Annual reports – low income superannuation tax offset

    Report from the Commissioner of Taxation under subsection 12(G)(2) of the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 and related regulations on the working of the Act during the period:

    1 July 2018 to 30 June 2019

    The number of beneficiaries of a LISTO entitlement made under subsection 12C(1) of the Act during the financial year
    (paragraph 21B(2)(a) of the regulations)

    2,383,945

    The number of beneficiaries of a LISTO entitlement made under subsection 12C(2) of the Act during the financial year (estimated ATI)
    (paragraph 21B(1)(b) of the regulations)

    0

    The total number of beneficiaries of a LISTO made during the financial year
    (paragraph 21B(2)(c) of the regulations)

    2,383,945

     

    The amount of LISTO entitlements made under subsection 12C(1) of the Act during the financial year (paragraph 21B(2)(e) of the regulations)

    650,317,000

    The amount of LISTO entitlements made under subsection 12C(2) of the Act during the financial year (Estimated ATI)
    (paragraph 21B(2)(f) of the regulations)

    0

    The total amount of LISTO entitlements made during the financial year
    (paragraph 21B(2)(g) of the regulations)

    650,317,000

     

    The total amount of LISTO recovered during the financial year as overpaid amounts under section 24 of the Act
    (paragraph 21B(2)(h) of the regulations)

    14,662,000

    The number of beneficiaries with an adjusted taxable income, or estimated adjusted taxable Income, for the income year that corresponds to the financial year, in each of the following ranges:
    (Paragraph 21B(2)(d) of the regulations)

    Total adjusted taxable income range

    2012–13

    2013–14

    2014–15

    2015–16

    2016–17

    2017–18

    Total

    Under $0

    1

    1

    5

    5

    25

    295

    332

    $0 to $999

    173

    797

    507

    1,462

    387,658

    16,454

    407,051

    $1,000 to $1,999

    24

    35

    56

    115

    2,134

    12,394

    14,758

    $2,000 to $2,999

    18

    34

    56

    113

    2,360

    15,949

    18,530

    $3,000 to $3,999

    27

    27

    47

    107

    2,628

    18,607

    21,443

    $4,000 to $4,999

    25

    33

    50

    109

    2,786

    21,966

    24,969

    $5,000 to $5,999

    20

    48

    60

    148

    3,088

    25,152

    28,516

    $6,000 to $6,999

    21

    36

    46

    162

    3,035

    27,279

    30,579

    $7,000 to $7,999

    24

    47

    71

    141

    3,205

    30,169

    33,657

    $8,000 to $8,999

    31

    52

    61

    136

    3,198

    33,327

    36,805

    $9,000 to $9,999

    25

    33

    59

    150

    3,204

    36,456

    39,927

    $10,000 to $10,999

    24

    50

    57

    157

    3,278

    39,412

    42,978

    $11,000 to $11,999

    29

    44

    66

    140

    3,150

    42,602

    46,031

    $12,000 to $12,999

    32

    42

    75

    177

    3,221

    46,674

    50,221

    $13,000 to $13,999

    28

    51

    65

    173

    3,139

    49,375

    52,831

    $14,000 to $14,999

    36

    51

    85

    192

    3,188

    53,460

    57,012

    $15,000 to $15,999

    39

    52

    90

    203

    3,275

    58,187

    61,846

    $16,000 to $16,999

    42

    61

    85

    206

    3,330

    62,829

    66,553

    $17,000 to $17,999

    38

    75

    97

    227

    3,377

    68,772

    72,586

    $18,000 to $18,999

    52

    75

    114

    275

    3,575

    74,027

    78,118

    $19,000 to $19,999

    39

    86

    124

    269

    3,571

    78,884

    82,973

    $20,000 to $20,999

    62

    117

    181

    407

    4,758

    99,126

    104,651

    $21,000 to $21,999

    43

    63

    91

    292

    3,707

    84,781

    88,977

    $22,000 to $22,999

    39

    43

    99

    230

    3,472

    85,393

    89,276

    $23,000 to $23,999

    35

    58

    102

    234

    3,432

    86,631

    90,492

    $24,000 to $24,999

    36

    70

    115

    218

    3,405

    88,201

    92,045

    $25,000 to $25,999

    49

    68

    96

    228

    3,437

    88,830

    92,708

    $26,000 to $26,999

    31

    64

    118

    206

    3,301

    89,193

    92,913

    $27,000 to $27,999

    36

    50

    98

    210

    3,265

    89,268

    92,927

    $28,000 to $28,999

    37

    47

    115

    241

    3,159

    90,740

    94,339

    $29,000 to $29,999

    43

    68

    94

    239

    3,250

    91,440

    95,134

    $30,000 to $30,999

    21

    63

    124

    272

    3,212

    92,065

    95,757

    $31,000 to $31,999

    41

    63

    118

    263

    3,222

    92,947

    96,654

    $32,000 to $32,999

    43

    77

    128

    294

    3,239

    94,394

    98,175

    $33,000 to $33,999

    78

    111

    146

    362

    3,444

    95,165

    99,306

    $34,000 to $34,999

    81

    116

    176

    434

    3,592

    96,947

    101,346

    $35,000 to $35,999

    95

    139

    230

    516

    3,808

    98,956

    103,744

    $36,000 to $37,000

    133

    244

    367

    800

    4,913

    107,598

    114,055

    Total

    1,651

    3,191

    4,274

    10,113

    507,041

    2,383,945

    2,910,215

    Notes:

    1. Where a low income superannuation tax offset entitlement represents an additional entitlement for a beneficiary in respect of a financial year, that beneficiary is not reported again.
    2. Both the total amount of low income superannuation tax offset entitlements determined and the total amount recovered are rounded up to the next whole $1,000.
    3. The total amount recovered includes amounts repaid to the Commissioner and amounts (new entitlements) offset against unrecovered overpayments (that is, reduced entitlements for a different year). A reduced entitlement, and thus the need to recover amounts, can result from an amendment to an individual’s income tax assessment or a change to the superannuation contributions reported for that individual.
    4. This report includes determinations of entitlements made during the financial year from 1 July 2018 to 30 June 2019. A determination of entitlement occurs once both an individual’s eligibility and the amount of their entitlement have been established.
    5. The table of adjusted taxable incomes represent all beneficiaries of low income superannuation amounts made during the financial year. Only those made for the 2017–18 year represent low income superannuation tax offset amounts required to be reported under section 21B of the regulations.
    6. The beneficiaries reported in 2016–17 and prior years were recipients of the low income superannuation contribution (now repealed). While not required to be reported they have been included to remain consistent with previous annual reports. The high volume of beneficiaries with an adjusted taxable income of between $0–$999 for the 2016–17 year relates to the ATO’s processing of non- lodger low income superannuation contributions (now repealed). This is in line with prior reporting.
      Last modified: 06 Sep 2019QC 60070