Report from the Commissioner of Taxation under subsection 54(1) of the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 and related regulations on the working of the Act during the period 1 January 2019 to 31 March 2019.
The total number of recipients of government co-contributions made under section 6 of the Act during the quarter |
37,050 |
Recipients in relation to the financial year 2017–18 |
31,589 |
Recipients in relation to the financial year 2016–17 |
2,826 |
Recipients in relation to the financial year 2015–16 and earlier years |
2,635 |
The total amount of government co-contributions made under section 6 of the Act during the quarter |
$12,852,000 |
Entitlements in relation to the financial year 2017–18 |
$10,805,000 |
Entitlements in relation to the financial year 2016–17 |
$925,000 |
Entitlements in relation to the financial year 2015–16 and earlier years |
$1,123,000 |
The total of government co-contributions recovered during the quarter as overpaid amounts under section 24 of the Act (paragraph 21A(1)(c) of the regulations |
$251,000 |
Notes:
- Where a recipient receives government co-contributions relating to different financial years the recipient is reported once for each financial year.
- Where a government co-contribution represents an additional entitlement for a recipient in respect of a financial year, that recipient is not reported again.
- Both the total and component amounts of government co-contributions determined and the total amount recovered are rounded up to the next whole $1,000. This rounding can result in the total amount being different to the sum of the components.
- 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 in respect of the last two financial years and the total of the 2015–16 and earlier years. A determination of entitlement occurs once both an individual’s eligibility and the amount of their entitlement have been established.
Return to Quarterly reports - Government co-contributions.