• 1 July 2014 to 30 June 2015

    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 2014 to 30 June 2015.

    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)

    2,789,014

    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)

    390,831

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

    3,179,845

     

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

    $748,240,836

    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)

    $49,104,036

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

    $797,345,000

     

     

    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)

    $10,220,000

     

    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

    Total

    Under $0

    12

    266

     

    278

    $0 to $999

    453,149

    18,916

     

    472,065

    $1,000 to $1,999

    1,101

    13,145

     

    14,246

    $2,000 to $2,999

    1,257

    17,367

     

    18,624

    $3,000 to $3,999

    1,401

    20,881

     

    22,282

    $4,000 to $4,999

    1,542

    24,522

     

    26,064

    $5,000 to $5,999

    1,763

    27,925

     

    29,688

    $6,000 to $6,999

    1,763

    30,614

     

    32,377

    $7,000 to $7,999

    2,002

    33,732

     

    35,734

    $8,000 to $8,999

    1,956

    37,622

     

    39,578

    $9,000 to $9,999

    2,144

    40,601

     

    42,745

    $10,000 to $10,999

    2,343

    44,395

     

    46,738

    $11,000 to $11,999

    2,476

    48,556

     

    51,032

    $12,000 to $12,999

    2,455

    52,650

     

    55,105

    $13,000 to $13,999

    2,600

    56,842

     

    59,442

    $14,000 to $14,999

    2,938

    61,674

     

    64,612

    $15,000 to $15,999

    3,010

    67,328

     

    70,338

    $16,000 to $16,999

    2,989

    72,094

     

    75,083

    $17,000 to $17,999

    3,168

    78,419

     

    81,587

    $18,000 to $18,999

    3,324

    85,262

     

    88,586

    $19,000 to $19,999

    3,488

    90,354

     

    93,842

    $20,000 to $20,999

    4,427

    111,557

     

    115,984

    $21,000 to $21,999

    3,073

    93,156

     

    96,229

    $22,000 to $22,999

    3,125

    93,393

     

    96,518

    $23,000 to $23,999

    2,931

    93,832

     

    96,763

    $24,000 to $24,999

    3,030

    93,422

    1

    96,453

    $25,000 to $25,999

    3,068

    94,615

     

    97,683

    $26,000 to $26,999

    2,941

    94,982

     

    97,923

    $27,000 to $27,999

    2,859

    95,167

     

    98,026

    $28,000 to $28,999

    2,865

    96,408

     

    99,273

    $29,000 to $29,999

    3,092

    97,579

     

    100,671

    $30,000 to $30,999

    3,112

    99,198

     

    102,310

    $31,000 to $31,999

    2,978

    100,302

     

    103,280

    $32,000 to $32,999

    3,030

    102,696

     

    105,726

    $33,000 to $33,999

    3,290

    103,578

    1

    106,869

    $34,000 to $34,999

    3,391

    106,719

     

    110,110

    $35,000 to $35,999

    3,665

    109,549

     

    113,214

    $36,000 to $37,000

    4,631

    118,136

     

    122,767

    Total

    552,389

    2,627,454

    2

    3,179,845

    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 2014 to 30 June 2015. 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