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 October 2020 to 31 December 2020:
The total number of beneficiaries of government co-contributions
The total amount of government co-contributions made
The total amount of government co-contributions recovered
- A determination of entitlement occurs once both an individual’s eligibility and the amount of their entitlement have been established.
- Each beneficiary is only counted once regardless of the number of entitlements received for the quarter.
- The total amount recovered includes all amounts overpaid as a result of a subsequent amendment to an individual’s income tax assessment or a change to the superannuation contributions reported for that individual.
- The total amounts of government co-contributions made and recovered are rounded up to the nearest $1,000.