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  • 1 July 2013 to 30 June 2014

    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 2013 to 30 June 2014.

    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)

    2,697,975

    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)

    Nil

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

    2,697,975

     

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

    $718,831,684

    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)

    Nil

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

    $718,831,684

     

    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)

    $839,169

     

    The number of beneficiaries with an ATI, or estimated ATI, 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

    2012-131

    Less than $1,000

    19,707

    $1,000 to $1,999

    13,584

    $2,000 to $2,999

    17,853

    $3,000 to $3,999

    21,918

    $4,000 to $4,999

    25,482

    $5,000 to $5,999

    29,479

    $6,000 to $6,999

    32,330

    $7,000 to $7,999

    35,827

    $8,000 to $8,999

    39,302

    $9,000 to $9,999

    42,880

    $10,000 to $10,999

    46,799

    $11,000 to $11,999

    50,627

    $12,000 to $12,999

    55,056

    $13,000 to $13,999

    60,007

    $14,000 to $14,999

    65,143

    $15,000 to $15,999

    70,407

    $16,000 to $16,999

    75,413

    $17,000 to $17,999

    82,313

    $18,000 to $18,999

    88,136

    $19,000 to $19,999

    92,692

    $20,000 to $20,999

    111,389

    $21,000 to $21,999

    94,771

    $22,000 to $22,999

    94,886

    $23,000 to $23,999

    95,116

    $24,000 to $24,999

    94,595

    $25,000 to $25,999

    96,073

    $26,000 to $26,999

    96,188

    $27,000 to $27,999

    96,663

    $28,000 to $28,999

    97,732

    $29,000 to $29,999

    99,274

    $30,000 to $30,999

    101,237

    $31,000 to $31,999

    103,078

    $32,000 to $32,999

    104,208

    $33,000 to $33,999

    105,804

    $34,000 to $34,999

    108,565

    $35,000 to $35,999

    112,698

    $36,000 to $37,000

    120,7431

    Total

    2,697,975

    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 2013 to 30 June 2014. A determination of entitlement occurs once both an individual’s eligibility and the amount of their entitlement have been established.

    1 Number of beneficiaries, processing financial year 2013-14Low income superannuation contributions annual reports from the Australian Taxation Office.

      Last modified: 16 Apr 2019QC 46874