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

PART 2A - LOW INCOME SUPERANNUATION TAX OFFSET  

SECTION 12C   PERSON ENTITLED TO LOW INCOME SUPERANNUATION TAX OFFSET  

12C(1)  
A low income superannuation tax offset is payable under this subsection in respect of a person for an income year of the person if:


(a) the person ' s concessional contributions for the financial year that corresponds to the income year are for a financial year starting on or after 1 July 2017; and


(b) the person ' s adjusted taxable income for the income year (worked out in accordance with Schedule 3 to the A New Tax System (Family Assistance) Act 1999 (disregarding clauses 3 and 3A of that Schedule)) does not exceed $37,000; and


(c) the requirement in paragraph 6(1)(b) is satisfied in respect of the person in relation to the income year; and


(d) the requirement in paragraph 6(1)(f) is satisfied in respect of the person in relation to the income year.

12C(2)  
A low income superannuation tax offset is payable under this subsection in respect of a person for an income year of the person if:


(a) the person ' s concessional contributions for the financial year that corresponds to the income year are for a financial year starting on or after 1 July 2017; and


(b) 12 months after the end of the income year, the Commissioner reasonably believes there is insufficient information to decide whether to make a determination under section 13 that a low income superannuation tax offset is payable under subsection (1) in respect of the person for the income year; and


(c) the Commissioner estimates that:


(i) the person ' s adjusted taxable income for the income year (worked out in accordance with Schedule 3 to the A New Tax System (Family Assistance) Act 1999 (disregarding clauses 3 and 3A of that Schedule)) does not exceed $37,000; and

(ii) 10% or more of the person ' s total income for the income year (disregarding subsections 8(2) and (3) ) is attributable to the person engaging in activities covered under subsection 6(2) ; and


(d) the requirement in paragraph 6(1)(f) is satisfied in respect of the person in relation to the income year.

12C(3)  
For the purposes of paragraph (1)(c), disregard the words " in which the person makes the contribution " in paragraph 6(2)(a) .

12C(4)  
For the purposes of subparagraph (2)(c)(i), treat the person as having total deductions of $300 for the income year unless the Commissioner has information to the contrary.

12C(5)  
For the purposes of subparagraph (2)(c)(ii), disregard the words " in the income year in which the person makes the contribution " in paragraph 6(2)(a) .




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