SUPERANNUATION (GOVERNMENT CO-CONTRIBUTION FOR LOW INCOME EARNERS) ACT 2003

PART 1 - PRELIMINARY  

SECTION 5   OVERVIEW OF THE ACT  

5(1)  
This Act provides for Government co-contributions to be made towards the superannuation of low income earners.

Note:

The Government co-contributions replace the rebates that used to be provided for in Subdivision AAC of Division 17 of Part III of the Income Tax Assessment Act 1936 .

5(2)  


The following is a simplified explanation of this Act:
  • · Part 2 (sections 6 to 12 ) tells you who are the people in respect of whom a Government co-contribution is payable. It also tells you how much the co-contribution is.
  • · Part 2A (sections 12B to 12G ) tells you who are the people entitled to a low income superannuation tax offset. It also tells you how much the low income superannuation tax offset is.
  • · Part 3 (sections 13 and 14 ) tells you how the Commissioner of Taxation determines whether a Government co-contribution is payable in respect of a person.
  • · Part 4 (sections 15 to 18 ) tells you how the Government co-contribution is paid.
  • · Part 5 (sections 19 to 24 ) tells you what happens if there is an overpayment or an underpayment of a Government co-contribution.
  • · Part 5A (section 25 ) sets out circumstances in which general interest charge is payable.
  • · Part 6 (sections 32 to 39 ) sets out record keeping obligations and provides for infringement notices).
  • · Parts 7 and 8 (sections 46 to 55 ) provide for administrative matters.
  • · Part 9 (section 56 ) sets out the terms that are defined to have a particular meaning when used in this Act.



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