Commonwealth Consolidated Acts

SUPERANNUATION (GOVERNMENT CO-CONTRIBUTION FOR LOW INCOME EARNERS) ACT 2003 - SECT 8

  (1)   The person's total income for the income year is the sum of:

  (a)   the person's assessable income for the income year , disregarding the person's assessable FHSS released amount (within the meaning of the Income Tax Assessment Act 1997 ) for the income year ; and

  (b)   the person's reportable fringe benefits total for the income year ; and

  (c)   the total of the person's reportable employer superannuation contributions (within the meaning of the Income Tax Assessment Act 1997 ) for the income year.

  (1A)   For the purposes of paragraph   ( 1)(c) of this section, reduce (but not below zero) the reportable employer superannuation contributions by any excess concessional contributions (within the meaning of the Income Tax Assessment Act 1997 ) included in the person's assessable income under paragraph   291 - 15(a) of that Act for the income year .

  (2)   However, the person's total income for the income year is reduced by amounts (if any) for which the person is entitled to a deduction as a result of carrying on a business (within the meaning of the Income Tax Assessment Act 1997 ).

  (3)   Subsection   ( 2) does not apply for the purposes of paragraph   6(1)(b).