• Annual reports - Super co-contributions

    1 July 2015 to 30 June 2016

    Report from the Commissioner of Taxation under subsection 54(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 2015 to 30 June 2016.

    Total number of beneficiaries of super co-contribution entitlements made during the financial year
    (paragraph 21A(2)(a) of the regulations)

    488,037

    Beneficiaries in relation to the financial year 2015-16*

    1

    Beneficiaries in relation to the financial year 2014-15

    441,201

    Beneficiaries in relation to the financial year 2013-14

    26,555

    Beneficiaries in relation to the financial year 2012-13 and earlier years

    20,280

     

    Total amount of super co-contribution entitlements made during the financial year
    (paragraph 21A(2)(b) of the regulations)

    $153,799,000

    Entitlements in relation to the financial year 2015-16*

    $1,000

    Entitlements in relation to the financial year 2014-15

    $134,757,000

    Entitlements in relation to the financial year 2013-14

    $8,285,000

    Entitlements in relation to the financial year 2012-13 and earlier years

    $10,756,000

     

    Total of super co-contribution amounts recovered during the financial year
    (paragraph 21A(2)(c) of the regulations)

    $2,891,000

    *Beneficiary and entitlement in relation to the financial year 2015-16 has occurred due to early lodgment of both individual income tax return and fund member contribution statement. Actual amount paid to the beneficiary in the quarter April-June 2016 was $300. This has been rounded to the nearest $1,000 for inclusion in the annual report 2015-16.

    Number of beneficiaries of a super co-contribution within each of the following prescribed total income ranges - subregulation 21A(3)

    Recipient Total Income Range

    2012-13 and Earlier

    2013-14

    2014-15

    2015-16

    Total

    Under $0

    240

    515

    2,578

     

    3,333

    $0 to $999

    181

    267

    1,784

     

    2,232

    $1,000 to $1,999

    159

    211

    1,717

     

    2,087

    $2,000 to $2,999

    171

    230

    2,009

     

    2,410

    $3,000 to $3,999

    191

    242

    2,235

     

    2,668

    $4,000 to $4,999

    160

    261

    2,428

     

    2,849

    $5,000 to $5,999

    190

    344

    3,076

     

    3,610

    $6,000 to $6,999

    228

    292

    2,971

    1

    3,492

    $7,000 to $7,999

    217

    297

    3,098

     

    3,612

    $8,000 to $8,999

    221

    310

    3,414

     

    3,945

    $9,000 to $9,999

    217

    342

    3,684

     

    4,243

    $10,000 to $10,999

    251

    346

    4,098

     

    4,695

    $11,000 to $11,999

    229

    371

    4,395

     

    4,995

    $12,000 to $12,999

    283

    386

    4,439

     

    5,108

    $13,000 to $13,999

    269

    396

    4,986

     

    5,651

    $14,000 to $14,999

    284

    400

    5,266

     

    5,950

    $15,000 to $15,999

    336

    465

    6,085

     

    6,886

    $16,000 to $16,999

    336

    450

    6,463

     

    7,249

    $17,000 to $17,999

    304

    483

    6,869

     

    7,656

    $18,000 to $18,999

    333

    650

    8,073

     

    9,056

    $19,000 to $19,999

    339

    567

    8,330

     

    9,236

    $20,000 to $20,999

    421

    981

    10,678

     

    12,080

    $21,000 to $21,999

    343

    606

    9,104

     

    10,053

    $22,000 to $22,999

    306

    561

    9,291

     

    10,158

    $23,000 to $23,999

    325

    602

    9,273

     

    10,200

    $24,000 to $24,999

    328

    590

    9,547

     

    10,465

    $25,000 to $25,999

    324

    568

    9,937

     

    10,829

    $26,000 to $26,999

    325

    567

    10,254

     

    11,146

    $27,000 to $27,999

    323

    581

    10,205

     

    11,109

    $28,000 to $28,999

    346

    561

    10,647

     

    11,554

    $29,000 to $29,999

    349

    573

    10,836

     

    11,758

    $30,000 to $30,999

    392

    697

    11,227

     

    12,316

    $31,000 to $31,999

    364

    606

    11,254

     

    12,224

    $32,000 to $32,999

    361

    595

    11,524

     

    12,480

    $33,000 to $33,999

    353

    583

    11,778

     

    12,714

    $34,000 to $34,999

    389

    639

    11,893

     

    12,921

    $35,000 to $35,999

    390

    666

    12,386

     

    13,442

    $36,000 to $36,999

    403

    730

    13,175

     

    14,308

    $37,000 to $37,999

    451

    829

    14,112

     

    15,392

    $38,000 to $38,999

    395

    669

    13,330

     

    14,394

    $39,000 to $39,999

    411

    620

    13,567

     

    14,598

    $40,000 to $40,999

    435

    717

    13,512

     

    14,664

    $41,000 to $41,999

    426

    690

    13,515

     

    14,631

    $42,000 to $42,999

    421

    704

    13,688

     

    14,813

    $43,000 to $43,999

    435

    655

    13,477

     

    14,567

    $44,000 to $44,999

    450

    693

    13,727

     

    14,870

    $45,000 to $45,999

    483

    676

    13,828

     

    14,987

    $46,000 to $46,999

    474

    698

    13,586

     

    14,758

    $47,000 to $47,999

    332

    707

    13,655

     

    14,694

    $48,000 to $48,999

    320

    366

    13,712

     

    14,398

    $49,000 to $49,999

    277

     

    6,485

     

    6,762

    $50,000 to $50,999

    353

     

     

     

    353

    $51,000 to $51,999

    313

     

     

     

    313

    $52,000 to $52,999

    339

     

     

     

    339

    $53,000 to $53,999

    310

     

     

     

    310

    $54,000 to $54,999

    374

     

     

     

    374

    $55,000 to $55,999

    339

     

     

     

    339

    $56,000 to $56,999

    346

     

     

     

    346

    $57,000 to $57,999

    361

     

     

     

    361

    $58,000 to $58,999

    304

     

     

     

    304

    $59,000 to $59,999

    294

     

     

     

    294

    $60,000 to $60,999

    252

     

     

     

    252

    $61,000 to $61,999

    204

     

     

     

    204

    Total

    20,280

    26,555

    441,201

    1

    488,037

    Number of spouses of super co-contribution beneficiaries with taxable income within each of the following prescribed income ranges for the financial year to which the entitlement relates - subregulation 21A(4)

    Spouse Taxable Income Range

    2011-12 and Earlier

    2012-13

    2013-14

    2014-15

    Total

    Under $0

    86

    63

    335

    2,278

    2,762

    $0 to $4,999

    123

    143

    687

    9,374

    10,327

    $5,000 to $9,999

    122

    103

    640

    8,410

    9,275

    $10,000 to $14,999

    128

    120

    682

    10,570

    11,500

    $15,000 to $19,999

    199

    180

    960

    12,989

    14,328

    $20,000 to $24,999

    174

    227

    1,282

    15,713

    17,396

    $25,000 to $29,999

    164

    125

    957

    13,480

    14,726

    $30,000 to $34,999

    184

    152

    954

    13,517

    14,807

    $35,000 to $39,999

    162

    176

    1,002

    15,478

    16,818

    $40,000 to $44,999

    152

    133

    736

    14,084

    15,105

    $45,000 to $49,999

    139

    115

    628

    13,150

    14,032

    $50,000 to $54,999

    119

    78

    551

    12,032

    12,780

    $55,000 to $59,999

    114

    90

    458

    11,100

    11,762

    $60,000 to $64,999

    121

    71

    495

    10,612

    11,299

    $65,000 to $69,999

    90

    79

    465

    9,920

    10,554

    $70,000 to $74,999

    85

    68

    421

    9,415

    9,989

    $75,000 to $79,999

    90

    76

    393

    8,812

    9,371

    $80,000 to $84,999

    84

    63

    373

    8,178

    8,698

    $85,000 to $89,999

    68

    65

    333

    7,441

    7,907

    $90,000 to $94,999

    55

    46

    305

    6,937

    7,343

    $95,000 to $99,999

    54

    55

    273

    5,888

    6,270

    $100,000 to $149,999

    272

    335

    1,731

    31,989

    34,327

    $150,000 to $199,999

    102

    113

    648

    10,599

    11,462

    $200,000 to $249,999

    38

    64

    295

    4,102

    4,499

    $250,000 to $299,999

    25

    21

    160

    1,996

    2,202

    $300,000 to $349,999

    5

    16

    96

    1,023

    1,140

    $350,000 to $399,999

    8

    7

    61

    673

    749

    $400,000 to $449,999

    3

    5

    45

    412

    465

    $450,000 to $499,999

     

    3

    29

    291

    323

    $500,000 to $549,999

    1

    4

    21

    198

    224

    $550,000 to $599,999

     

    1

    4

    134

    139

    $600,000 to $649,999

    1

     

    17

    107

    125

    $650,000 to $699,999

    3

    1

    14

    60

    78

    $700,000 to $749,999

     

    1

    5

    51

    57

    $750,000 to $799,999

     

     

    6

    37

    43

    $800,000 to $849,999

    1

     

    5

    41

    47

    $850,000 to $899,999

    1

     

    2

    29

    32

    $900,000 to $949,999

     

     

    4

    19

    23

    $950,000 to $999,999

    1

    1

    2

    22

    26

    $1,000,000 to $1,999,999

     

     

    16

    128

    144

    $2,000,000 to $2,999,999

    1

     

    3

    17

    21

    $3,000,000 to $3,999,999

     

     

    1

    3

    4

    $4,000,000 to $4,999,999

     

     

    1

    1

    2

    $5,000,000 to $5,999,999

     

     

     

    1

    1

    $7,000,000 to $7,999,999

    1

     

    1

     

    2

    $10,000,000 and above

     

     

     

    1

    1

    Total

    2,976

    2,800

    16,097

    271,312

    293,185

     

    Total number of beneficiaries of super co-contributions who the Commissioner was not satisfied had a spouse at the end of the financial year
    (paragraph 54(2)(e) of the Act)

    164,048

    Beneficiaries in relation to the financial year 2015-16

    1

    Beneficiaries in relation to the financial year 2014-15

    141,350

    Beneficiaries in relation to the financial year 2013-14

    9,053

    Beneficiaries in relation to the financial year 2012-13 and earlier years

    13,644

     

    The total number of spouses of super co-contribution beneficiaries whose taxable income was not able to be determined by the Commissioner
    (paragraph 54(2)(f) of the Act)

    30,802

    Entitlements in relation to the financial year 2015-16

    0

    Entitlements in relation to the financial year 2014-15

    28,537

    Entitlements in relation to the financial year 2013-14

    1,405

    Entitlements in relation to the financial year 2012-13 and earlier years

    860

    NOTES:

    1. A determination of entitlement occurs once both an individual’s eligibility and the amount of their entitlement have been established.
    2. Where a beneficiary receives super co-contribution entitlements relating to different financial years the beneficiary is reported once for each financial year.
    3. Where a super co-contribution entitlement represents an additional entitlement for a beneficiary in respect of the same financial year, that beneficiary is not reported again.
    4. The total of amounts 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.
    5. Both the total amount of super co-contribution entitlements made and recovered by the Commissioner is rounded up to the next whole $1,000.
    6. Reconciliation of the annual and quarterly reports:
      1. The total number of beneficiaries and amounts of a super co-contribution made during the financial year is less than the sum of the quarterly reports. This is due to beneficiaries who were reported in a quarterly period, later being determined as ineligible and consequently not reported as a beneficiary for the whole financial year. Entitlements are also rounded up to the next whole $1,000.
      2. The total amount of super co-contributions recovered during the financial year is equal to the sum of the quarterly reports.
       
    7. In relation to the number of beneficiaries of a super co-contribution within the prescribed income ranges there are some income ranges with no identified beneficiaries. This is for one of two reasons:
      1. The expansion of the co-contribution scheme to the self employed from 1 July 2007, whereby total income would be reduced by business expenses when determining entitlement.
      2. The indexation of the income thresholds, commencing with the 2007 year of entitlement.
       
      Last modified: 17 Oct 2016QC 25777