Superannuation (Government Co-Contribution for Low Income Earners) Act 2003

PART 2 - GOVERNMENT CO-CONTRIBUTION IN RESPECT OF LOW INCOME EARNERS  

Division 1 - Government co-contribution  

SECTION 7   CONTRIBUTIONS THAT ATTRACT MATCHING GOVERNMENT CO-CONTRIBUTIONS  

7(1)    
A contribution a person made or makes is an eligible personal superannuation contribution if:

(a) the contribution was or is made on or after 1 July 2003 to:

(i) a fund that is a complying superannuation fund in relation to the income year of the fund in which the contribution was or is made; or

(ii) an RSA the person holds; and

(b) the contribution was or is made for the purpose of providing superannuation benefits for the person (regardless whether the benefits are payable to the person ' s dependants if the person dies before or after becoming entitled to receive the benefits); and

(c) the contribution is not any of the following:

(i) a roll-over superannuation benefit (within the meaning of the Income Tax Assessment Act 1997 );

(ii) a superannuation lump sum that is paid from a foreign superannuation fund (within the meaning of the Income Tax Assessment Act 1997 );

(iia) an amount transferred from a KiwiSaver scheme to a complying superannuation fund as mentioned in section 312-10 of the Income Tax Assessment Act 1997 ;

(iii) a directed termination payment (within the meaning of section 82-10F of the Income Tax (Transitional Provisions) Act 1997 );

(iv) an amount transferred from a scheme mentioned in paragraph 290-5(c) of the Income Tax Assessment Act 1997 .

(v) - (vi) (Repealed by No 70 of 2015)

7(2)    

However, the contribution is an eligible personal superannuation contribution only to the extent that the Commissioner has not allowed the contribution as a deduction for the person.