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  • 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 2017 to 30 June 2018.

    1 July 2017 to 30 June 2018

    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)

    2,708,875

    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)

    325,232

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

    3,034,107

     

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

    $728,752,620

    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)

    $43,695,331

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

    $772,448,000

     

     

    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)

    $9,384,000

     

    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)(i) – (iv)

    Total Adjusted Taxable Income Range

    2012-13

    2013-14

    2014-15

    2015-16

    2016-17

    Total

    Under $0

     

    3

    4

    29

    292

    328

    $0 to $999

    244

    1,207

    949

    395,380

    17,359

    415,139

    $1,000 to $1,999

    37

    57

    112

    1,952

    13,436

    15,594

    $2,000 to $2,999

    23

    64

    103

    2,303

    16,989

    19,482

    $3,000 to $3,999

    42

    58

    107

    2,534

    20,165

    22,906

    $4,000 to $4,999

    31

    63

    114

    2,759

    23,124

    26,091

    $5,000 to $5,999

    35

    67

    132

    2,919

    26,639

    29,792

    $6,000 to $6,999

    30

    54

    99

    2,998

    29,205

    32,386

    $7,000 to $7,999

    29

    49

    110

    3,194

    31,731

    35,113

    $8,000 to $8,999

    45

    59

    120

    3,385

    34,974

    38,583

    $9,000 to $9,999

    41

    54

    117

    3,489

    38,358

    42,059

    $10,000 to $10,999

    43

    82

    150

    3,511

    41,042

    44,828

    $11,000 to $11,999

    27

    94

    133

    3,467

    44,781

    48,502

    $12,000 to $12,999

    54

    77

    165

    3,464

    49,537

    53,297

    $13,000 to $13,999

    51

    85

    171

    3,494

    52,420

    56,221

    $14,000 to $14,999

    71

    126

    148

    3,449

    56,802

    60,596

    $15,000 to $15,999

    72

    96

    200

    3,647

    62,126

    66,141

    $16,000 to $16,999

    59

    99

    237

    3,726

    66,345

    70,466

    $17,000 to $17,999

    82

    112

    240

    3,574

    72,837

    76,845

    $18,000 to $18,999

    73

    136

    250

    3,780

    79,060

    83,299

    $19,000 to $19,999

    68

    146

    275

    4,000

    84,244

    88,733

    $20,000 to $20,999

    92

    194

    395

    4,882

    106,074

    111,637

    $21,000 to $21,999

    69

    100

    222

    3,911

    90,697

    94,999

    $22,000 to $22,999

    60

    112

    236

    3,510

    89,628

    93,546

    $23,000 to $23,999

    54

    101

    203

    3,412

    90,787

    94,557

    $24,000 to $24,999

    63

    94

    199

    3,395

    91,221

    94,972

    $25,000 to $25,999

    62

    101

    215

    3,307

    92,793

    96,478

    $26,000 to $26,999

    64

    107

    177

    3,268

    92,643

    96,259

    $27,000 to $27,999

    57

    118

    235

    3,254

    92,729

    96,393

    $28,000 to $28,999

    54

    111

    219

    3,144

    94,171

    97,699

    $29,000 to $29,999

    59

    112

    235

    3,171

    94,199

    97,776

    $30,000 to $30,999

    60

    138

    234

    3,165

    95,703

    99,300

    $31,000 to $31,999

    82

    124

    224

    3,231

    96,028

    99,689

    $32,000 to $32,999

    69

    159

    284

    3,219

    97,852

    101,583

    $33,000 to $33,999

    97

    169

    365

    3,378

    98,320

    102,329

    $34,000 to $34,999

    125

    209

    453

    3,522

    100,454

    104,763

    $35,000 to $35,999

    147

    251

    530

    3,922

    102,506

    107,356

    $36,000 to $37,000

    196

    357

    768

    4,884

    112,165

    118,370

    Total

    2,567

    5,345

    9,130

    517,629

    2,499,436

    3,034,107

    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 2017 to 30 June 2018. A determination of entitlement occurs once both an individual’s eligibility and the amount of their entitlement have been established.
      Last modified: 16 Apr 2019QC 46874