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

PART 2A - LOW INCOME SUPERANNUATION TAX OFFSET  

SECTION 12E   AMOUNT OF LOW INCOME SUPERANNUATION TAX OFFSET  

12E(1)  


This section applies if a low income superannuation tax offset is payable under subsection 12C(1) or (2) in respect of a person for an income year.

12E(2)  
The amount of the person ' s low income superannuation tax offset for the income year is:


(a) unless paragraph (b) or (c) applies - 15% of the total of the person ' s concessional contributions for the financial year that corresponds to the income year; or


(b) if the amount worked out under paragraph (a) exceeds $500 - $500; or


(c) if the amount worked out under paragraph (a) is less than $10 - $10.

12E(3)  


For the purposes of paragraph (2)(a), disregard:


(a) contributions or amounts covered by paragraph 291-370(1)(a) of the Income Tax Assessment Act 1997 (about contributions or amounts in relation to constitutionally protected funds); and


(b) any other amounts covered by paragraph 291-165(1)(c) of that Act.

12E(4)  


If, apart from this subsection:


(a) there would be an underpaid amount as mentioned in section 19 in respect of the person ' s low income superannuation tax offset for the income year; and


(b) the underpaid amount would be less than $10;

decrease the amount of that low income superannuation tax offset by that underpaid amount.

12E(5)  
If, apart from this subsection:


(a) there would be an amount overpaid as mentioned in section 24 in respect of the person ' s low income superannuation tax offset for the income year; and


(b) the amount overpaid would be less than $10;

increase the amount of that low income superannuation tax offset by that amount overpaid.




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