• Annual reports - Low income superannuation contributions

    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 2016 to 30 June 2017.

    1 July 2016 to 30 June 2017

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

    Entitlement year 2015-16

    2,688,351

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

    361,413

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

    3,049,764

     

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

    $723,339,256

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

    $47,276,513

    The total amount of LISC made during the financial year by the Commissioner
    (paragraph 21B(2)(g) of the regulations)

    $770,615,768

     

     

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

    $12,351,158

     

    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)(i) – (iv)

    Total Adjusted Taxable Income Range

    2012-13

    2013-14

    2014-15

    2015-16

    Total

    Under $0

    1

    2

    26

     295


    324

    $0 to $999

    4,183

    5,396

    418,929

    16,739

    445,247

    $1,000 to $1,999

    78

    122

    1,778

    12,020 


    13,998

    $2,000 to $2,999

    79

    121

    1,973

    15,932 


    18,105

    $3,000 to $3,999

    73

    117

    2,274

    19,540 


    22,004

    $4,000 to $4,999

    80

    133

    2,414

    22,456

    25,083

    $5,000 to $5,999

    94

    156

    2,659

    25,594 


    28,503

    $6,000 to $6,999

    114

    161

    2,751

    28,140 


    31,166

    $7,000 to $7,999

    97

    155

    2,883

    31,152 


    34,287

    $8,000 to $8,999

    121

    156

    3,014

    34,391 


    37,682

    $9,000 to $9,999

    109

    146

    3,170

    37,484 


    40,909

    $10,000 to $10,999

    117

    161

    3,167

    40,823 


    44,268

    $11,000 to $11,999

    133

    156

    3,119

    45,167 


    48,575

    $12,000 to $12,999

    133

    164

    3,220

    48,210 


    51,727

    $13,000 to $13,999

    141

    194

    3,149

    52,332 


    55,816

    $14,000 to $14,999

    149

    208

    3,250

    56,290 


    59,897

    $15,000 to $15,999

    188

    211

    3,297

    61,141 


    64,837

    $16,000 to $16,999

    171

    190

    3,332

     66,604


    70,297

    $17,000 to $17,999

    228

    206

    3,368

    73,253 


    77,055

    $18,000 to $18,999

    210

    227

    3,539

    78,884 


    82,860

    $19,000 to $19,999

    201

    248

    3,652

    85,205 


    89,306

    $20,000 to $20,999

    305

    404

    4,584

    106,801 


    112,094

    $21,000 to $21,999

    211

    244

    3,427

    90,991 


    94,873

    $22,000 to $22,999

    181

    221

    3,162

    89,618 


    93,182

    $23,000 to $23,999

    179

    214

    2,965

    90,565 


    93,923

    $24,000 to $24,999

    188

    205

    3,058

    92,541 


    95,992

    $25,000 to $25,999

    203

    218

    2,935

    92,281 


    95,637

    $26,000 to $26,999

    196

    235

    2,954

    92,223 


    95,608

    $27,000 to $27,999

    185

    232

    2,886

    93,010 


    96,313

    $28,000 to $28,999

    178

    234

    2,854

    93,391 


    96,657

    $29,000 to $29,999

    200

    243

    2,983

    95,203 


    98,629

    $30,000 to $30,999

    217

    262

    2,991

    95,668 


    99,138

    $31,000 to $31,999

    237

    284

    2,823

    96,756 


    100,100

    $32,000 to $32,999

    222

    328

    2,929

    98,534 


    102,013

    $33,000 to $33,999

    269

    370

    3,028

    98,825 


    102,492

    $34,000 to $34,999

    323

    444

    3,248

    100,721 


    104,736

    $35,000 to $35,999

    319

    513

    3,546

    103,366 


    107,744

    $36,000 to $37,000

    483

    772

    4,388

    113,044 


    118,687

    Total

    10,796

    14,053

    529,725

    2,495,190

    3,049,764

    NOTES:

    1. Where a low income superannuation contribution 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 contribution 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 2015 to 30 June 2016. A determination of entitlement occurs once both an individual’s eligibility and the amount of their entitlement have been established.
      Last modified: 19 Oct 2017QC 46874