1 July 2018 to 30 September 2018

Report from the Commissioner of Taxation under subsection 54(1) 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 2018 to 30 September 2018.

Total number of beneficiaries of super co-contribution entitlements made during the quarter (paragraph 21A(1)(a) of the regulations)	40,051
Beneficiaries in relation to the financial year 2017–18	14,180
Beneficiaries in relation to the financial year 2016–17	19,398
Beneficiaries in relation to the financial year 2015–16 and earlier years	6,473
Total amount of super co-contribution entitlements made during the quarter (paragraph 21A(1)(b) of the regulations)	$12,926,000
Entitlements in relation to the financial year 2017–18	$4,100,000
Entitlements in relation to the financial year 2016–17	$6,426,000
Entitlements in relation to the financial year 2015–16 and earlier years	$2,400,000
Total of super co-contribution amounts recovered during the quarter (paragraph 21A(1)(c) of the regulations)	$1,209,000

Notes:

1. This report includes determinations of entitlements made during the quarter in respect of the last two financial years and the total of the 2015–16 and earlier years. 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 a financial year, that beneficiary is not reported again.
4. 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.
5. The total of component amounts of super co-contribution entitlements determined and the total amount recovered are rounded up to the next whole $1,000. This rounding can result in the total amount being different to the sum of the components.

 

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