Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Superannuation (Government Co - contribution for Low Income Earners) Act 2003
1 Subsection 5(2)
Omit:
• Part 2A (sections 12B to 12G) tells you who are the people entitled to a low income superannuation contribution. It also tells you how much the low income superannuation contribution is.
2 Part 2A
Repeal the Part.
3 Subsection 49(1)
Omit " Part 2A, " .
4 Section 55 (note)
Repeal the note.
5 Section 56 (definition of concessional contributions )
Repeal the definition.
6 Section 56 (definition of low income superannuation contribution )
Repeal the definition.
7 Application of amendments
(1) The amendments made by this Schedule apply in relation to concessional contributions for financial years starting on or after 1 July 2017.
(2) However, section 12G of the Superannuation (Government Co - contribution for Low Income Earners) Act 2003 ceases to apply, in relation to low income superannuation contributions for any quarter or financial year, at the commencement of this Schedule.
Note: Section 12G requires the Commissioner to give reports to the Minister for presenting to the Parliament. This subitem ensures that reporting under that section is required up to, but not after, the commencement of this Schedule.
(3) For the purposes of this item, concessional contributions has the same meaning as in the Income Tax Assessment Act 1997 .
9 Transitional--Deadlines for the final financial year for a LISC
Determining that a LISC is payable
(1) The Commissioner must not determine under section 13 of the Superannuation (Government Co - contribution for Low Income Earners) Act 2003 that a low income superannuation contribution is payable unless the Commissioner becomes satisfied, before 1 July 2019 , that the contribution is payable.
Determining that an underpaid amount of LISC is payable
(2) The Commissioner must not determine under section 19 of the Superannuation (Government Co - contribution for Low Income Earners) Act 2003 that an underpaid amount is to be paid unless the Commissioner becomes satisfied, before 1 July 2019 , that the amount paid is less than the correct amount of low income superannuation contribution.