Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Superannuation (Government Co - contribution for Low Income Earners) Act 2003
1 Paragraph 9(1)(c)
Omit "2009 - 10 income year or a later income year", substitute "2009 - 10, 2010 - 11 and 2011 - 12 income years".
2 At the end of subsection 9(1)
Add:
; and (d) for the 2012 - 13 income year or a later income year--an amount equal to 50% of the sum of the eligible personal superannuation contributions the person makes during the income year.
3 Subsection 10(1B)
Omit "2009 - 10 income year or a later income year", substitute "2009 - 10 income year, 2010 - 11 income year or 2011 - 12 income year".
4 After subsection 10(1B)
Add:
(1C) The amount of the Government co - contribution in respect of a person for the 2012 - 13 income year or a later income year must not exceed the maximum amount worked out using the following table:
Maximum Government co - contribution | ||
Item | Person's total income for the income year | Maximum amount |
1 | the lower income threshold or less | $500 |
2 | more than the lower income threshold but less than the higher income threshold | $500 reduced by 3.333 cents for each dollar by which the person's total income for the income year exceeds the lower income threshold |
5 Subsection 10(2)
Omit "and (1B)", substitute ", (1B) and (1C)".
6 Paragraph 10A(1)
Omit "and 2011 - 12" (wherever occurring), substitute ", 2011 - 12 and 2012 - 13".
7 Paragraph 10A(3)(c)
Omit "2007 - 08 income year or a later income year", substitute "2007 - 08 income year or a later income year before the 2012 - 13 income year".
8 At the end of subsection 10A(3)
Add:
; or (d) for the 2012 - 13 income year or a later income year--the sum of:
(i) the lower income threshold for that income year; and
(ii) $15,000.
9 Subsection 10A(5A)
Omit "and 2011 - 12", substitute ", 2011 - 12 and 2012 - 13".
10 Application of amendments
The amendments made by this Schedule apply to the 2012 - 13 income year and later income years.