Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Act 2013 (82 of 2013)

Schedule 2   Low income superannuation contribution: technical amendments

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

13   At the end of Part 2A

Add:

12F Consequences if estimates no longer accurate

(1) Treat a low income superannuation contribution as never having been payable under subsection 12C(2) in respect of a person for an income year if:

(a) the Commissioner obtains information after making the determination under section 13 that the contribution was so payable; and

(b) the Commissioner decides that, had the Commissioner obtained that information before making the determination, the Commissioner would not have made the determination.

Note: The contribution will be recoverable under section 24.

(2) The Commissioner must give the person written notice of the Commissioner's decision under paragraph (1)(b).

12G Reports on this Part

(1) After the end of each quarter the Commissioner must give the Minister a report, for presentation to the Parliament, on the working of this Part during the quarter. The report must include, for the quarter to which the report relates, the prescribed details about beneficiaries of, and amounts of, low income superannuation contributions.

(2) After the end of each financial year the Commissioner must give the Minister a report, for presentation to the Parliament, that:

(a) is on the working of this Part during the financial year; and

(b) includes, for the financial year to which the report relates, the prescribed details about beneficiaries of, and amounts of, low income superannuation contributions.