• 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 2015 to 30 June 2016.

    1 July 2015 to 30 June 2016

    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

    2,762,846

    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)

    377,429

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

    3,140,275

     

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

    $749,873,880

    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)

    $48,653,400

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

    $798,528,000

     

     

    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)

    $14,657,000

     

    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

    Total

    Under $0

    6

    14

    339

     


    359

    $0 to $999

    2,349

    442,519

    17,479

     


    462,347

    $1,000 to $1,999

    226

    1,418

    12,856

     


    14,500

    $2,000 to $2,999

    221

    1,772

    16,672

     


    18,665

    $3,000 to $3,999

    243

    1,987

    20,082

     


    22,312

    $4,000 to $4,999

    272

    2,130

    23,430

    1

    25,833

    $5,000 to $5,999

    281

    2,356

    26,737

     


    29,374

    $6,000 to $6,999

    264

    2,390

    29,499

     


    32,153

    $7,000 to $7,999

    319

    2,536

    32,199

     


    35,054

    $8,000 to $8,999

    314

    2,616

    35,786

     


    38,716

    $9,000 to $9,999

    289

    2,849

    39,239

     


    42,377

    $10,000 to $10,999

    339

    2,832

    42,719

     


    45,890

    $11,000 to $11,999

    330

    3,070

    46,448

     


    49,848

    $12,000 to $12,999

    381

    2,991

    50,715

     


    54,087

    $13,000 to $13,999

    379

    3,156

    54,210

     


    57,745

    $14,000 to $14,999

    381

    3,359

    59,028

     


    62,768

    $15,000 to $15,999

    365

    3,494

    64,683

     


    68,542

    $16,000 to $16,999

    385

    3,415

    68,916

     


    72,716

    $17,000 to $17,999

    420

    3,519

    75,380

     


    79,319

    $18,000 to $18,999

    431

    3,708

    82,494

     


    86,633

    $19,000 to $19,999

    468

    3,862

    87,804

     


    92,134

    $20,000 to $20,999

    541

    5,025

    111,634

     


    117,200

    $21,000 to $21,999

    414

    3,379

    91,988

     


    95,781

    $22,000 to $22,999

    355

    3,383

    92,547

     


    96,285

    $23,000 to $23,999

    361

    3,342

    92,647

     


    96,350

    $24,000 to $24,999

    329

    3,165

    93,152

     


    96,646

    $25,000 to $25,999

    362

    3,219

    94,997

     


    98,578

    $26,000 to $26,999

    325

    3,001

    93,553

     


    96,879

    $27,000 to $27,999

    298

    2,961

    94,883

     


    98,142

    $28,000 to $28,999

    336

    3,041

    95,647

     


    99,024

    $29,000 to $29,999

    326

    3,019

    96,762

     


    100,107

    $30,000 to $30,999

    376

    3,139

    97,393

     


    100,908

    $31,000 to $31,999

    359

    3,116

    98,520

     


    101,995

    $32,000 to $32,999

    431

    3,166

    100,461

     


    104,058

    $33,000 to $33,999

    447

    3,223

    101,951

     


    105,621

    $34,000 to $34,999

    571

    3,384

    104,182

     


    108,137

    $35,000 to $35,999

    619

    3,723

    106,775

     


    111,117

    $36,000 to $37,000

    804

    4,609

    116,662

     


    122,075

    Total

    15,917

    553,888

    2,570,469

    1

    3,140,275

    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: 17 Oct 2016QC 46874