Tax and Superannuation Laws Amendment (2013 Measures No. 2) Act 2013 (85 of 2013)

Schedule 6   Government co-contribution for low income earners

Superannuation (Government Co-contribution for Low Income Earners) Act 2003

4   After subsection 10(1B)

Add:

(1C) The amount of the Government co-contribution in respect of a person for the 2012-13 income year or a later income year must not exceed the maximum amount worked out using the following table:

Maximum Government co-contribution

Item

Person's total income for the income year

Maximum amount

1

the lower income threshold or less

$500

2

more than the lower income threshold but less than the higher income threshold

$500 reduced by 3.333 cents for each dollar by which the person's total income for the income year exceeds the lower income threshold