Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This Act provides for Government co - contributions to be made towards the superannuation of low income earners.
Note: The Government co - contributions replace the rebates that used to be provided for in Subdivision AAC of Division 17 of Part III of the Income Tax Assessment Act 1936 .
(2) The following is a simplified explanation of this Act:
• Part 2 (sections 6 to 12) tells you who are the people in respect of whom a Government co - contribution is payable. It also tells you how much the co - contribution is.
• Part 2A (sections 12B to 12G) tells you who are the people entitled to a low income superannuation tax offset. It also tells you how much the low income superannuation tax offset is.
• Part 3 (sections 13 and 14) tells you how the Commissioner of Taxation determines whether a Government co - contribution is payable in respect of a person.
• Part 4 (sections 15 to 18) tells you how the Government co - contribution is paid.
• Part 5 (sections 19 to 24) tells you what happens if there is an overpayment or an underpayment of a Government co - contribution.
• Part 5A (section 25) sets out circumstances in which general interest charge is payable.
• Part 6 (sections 32 to 39) sets out record keeping obligations and provides for infringement notices).
• Parts 7 and 8 (sections 46 to 55) provide for administrative matters.
• Part 9 (section 56) sets out the terms that are defined to have a particular meaning when used in this Act.