Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.
(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.
(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.
(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.
(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.