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

PART 2 - GOVERNMENT CO-CONTRIBUTION IN RESPECT OF LOW INCOME EARNERS  

Division 2 - Amount of the Government co-contribution  

SECTION 10   TAPER BASED ON TOTAL INCOME FOR THE INCOME YEAR  

10(1)    


The amount of the Government co-contribution in respect of a person for the 2003-04 income year must not exceed the maximum amount worked out using the following table:


Table
Table
Maximum Government co-contribution
Item Person ' s total income for the income year Maximum amount
1 the lower income threshold or less $1,000
2 more than the lower income threshold but less than the higher income threshold $1,000 reduced by 8 cents for each dollar by which the person ' s total income for the income year exceeds the lower income threshold


10(1A)    


The amount of the Government co-contribution in respect of a person for the 2004-05 income year, the 2005-06 income year, the 2006-07 income year, the 2007-08 income year or the 2008-09 income year must not exceed the maximum amount worked out using the following table:


Table
Table
Maximum Government co-contribution
Item Person ' s total income for the income year Maximum amount
1 the lower income threshold or less $1,500
2 more than the lower income threshold but less than the higher income threshold $1,500 reduced by 5 cents for each dollar by which the person ' s total income for the income year exceeds the lower income threshold


10(1B)    


The amount of the Government co-contribution in respect of a person for the 2009-10 income year, 2010-11 income year or 2011-12 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 $ 1,000
2 more than the lower income threshold but less than the higher income threshold $ 1,000 reduced by 3.333 cents for each dollar by which the person ' s total income for the income year exceeds the lower income threshold


10(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


10(1D)    
(Repealed by No 90 of 2010)


10(2)    


Subsections (1), (1A), (1B) and (1C) have effect subject to sections 10A , 11 , 12 , 21 , 22 and 23 .

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