Report from the Commissioner of Taxation under subsection 12G(1) of the Superannuation (Government Co-contributions for Low Income Earners) Act 2003 and related regulations on the working of the Act during the period 1 October 2018 to 31 December 2018.
The total number of beneficiaries of a LISTO entitlement made under subsection 12C(1) and 12C(2) of the Act during the quarter |
1,949,010 |
The total amount of LISTO entitlements made under subsection 12C(1) and 12C(2) of the Act |
$534,156,000 |
The total amount of LISTO recovered during the quarter as overpaid amounts under section 24 of the Act |
$4,268,000 |
Notes:
- Where a low income superannuation tax offset entitlement represents an additional entitlement for a beneficiary in respect of a financial year, that beneficiary is not reported again.
- Both the total amount of low income superannuation tax offset entitlements determined and the total amount recovered are rounded up to the next whole $1,000.
- The total amount recovered includes amounts repaid to the Commissioner and amounts (new entitlements) offset against unrecovered overpayments (that is, reduced entitlements for a different year). A reduced entitlement, and thus the need to recover amounts, can result from an amendment to an individual’s income tax assessment or a change to the superannuation contributions reported for that individual.
- This report includes determinations of entitlements made during the quarter from 1 October 2018 to 31 December 2018. A determination of entitlement occurs once both an individual’s eligibility and the amount of their entitlement have been established.
Return to Quarterly reports – Low Income Superannuation Tax Offset (LISTO).