Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Superannuation (Government Co - contribution for Low Income Earners) Act 2003
1 Paragraphs 9(1)(c), (d) and (e)
Repeal the paragraphs, substitute:
(c) for the 2009 - 10 income year or a later income year--an amount equal to the sum of the eligible personal superannuation contributions the person makes during the income year.
2 Subsections 10(1B), (1C) and (1D)
Repeal the subsections, substitute:
(1B) The amount of the Government co - contribution in respect of a person for the 2009 - 10 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 | $1,000 |
2 | more than the lower income threshold but less than the higher income threshold | $1,000 reduced by 3.333 cents for each dollar by which the person ' s total income for the income year exceeds the lower income threshold |
3 Subsection 10(2)
Omit " Subsections ( 1), (1A), (1B), (1C) and (1D) " , substitute " Subsections ( 1), (1A) and (1B) " .
4 Paragraph 10A(1)(a)
After " later income years " , insert " (apart from the 2010 - 11 and 2011 - 12 income years) " .
5 Paragraph 10A(1)(b)
After " each later income year " , insert " (apart from the 2010 - 11 and 2011 - 12 income years) " .
6 After subsection 10A(5)
Insert:
(5A) Despite subsection ( 5), the indexation factor for the 2010 - 11 and 2011 - 12 income years is 1.
7 Application provision
The amendments made by this Schedule apply to the 2009 - 10 income year and later income years.