Superannuation (Government Co-Contribution for Low Income Earners) Act 2003
PART 2
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GOVERNMENT CO-CONTRIBUTION IN RESPECT OF LOW INCOME EARNERS
Division 1
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Government co-contribution
SECTION 8
TOTAL INCOME FOR INCOME YEAR
8(1)
The person ' s total income for the income year is the sum of:
(a) the person ' s assessable income for the income year, disregarding the person ' s assessable FHSS released amount (within the meaning of the Income Tax Assessment Act 1997 ) for the income year; and
(b) the person ' s reportable fringe benefits total for the income year; and
(c) the total of the person ' s reportable employer superannuation contributions (within the meaning of the Income Tax Assessment Act 1997 ) for the income year.
8(1A)
For the purposes of paragraph (1)(c) of this section, reduce (but not below zero) the reportable employer superannuation contributions by any excess concessional contributions (within the meaning of the Income Tax Assessment Act 1997) included in the person ' s assessable income under paragraph 291-15(a) of that Act for the income year.
8(2)
However, the person ' s total income for the income year is reduced by amounts (if any) for which the person is entitled to a deduction as a result of carrying on a business (within the meaning of the Income Tax Assessment Act 1997 ).
8(3)
Subsection (2) does not apply for the purposes of paragraph 6(1)(b) .
The person ' s total income for the income year is the sum of:
(a) the person ' s assessable income for the income year, disregarding the person ' s assessable FHSS released amount (within the meaning of the Income Tax Assessment Act 1997 ) for the income year; and
(b) the person ' s reportable fringe benefits total for the income year; and
(c) the total of the person ' s reportable employer superannuation contributions (within the meaning of the Income Tax Assessment Act 1997 ) for the income year.
View history note
Hide history note8(1A)
For the purposes of paragraph (1)(c) of this section, reduce (but not below zero) the reportable employer superannuation contributions by any excess concessional contributions (within the meaning of the Income Tax Assessment Act 1997) included in the person ' s assessable income under paragraph 291-15(a) of that Act for the income year.
8(2)
However, the person ' s total income for the income year is reduced by amounts (if any) for which the person is entitled to a deduction as a result of carrying on a business (within the meaning of the Income Tax Assessment Act 1997 ).
8(3)
Subsection (2) does not apply for the purposes of paragraph 6(1)(b) .
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