Superannuation Budget Measures Act 2004 (106 of 2004)
Schedule 1 Extension of the Government's superannuation co-contribution
Superannuation (Government Co-contribution for Low Income Earners) Act 2003
3 After subsection 10(1)
Insert:
(1A) The amount of the Government co-contribution in respect of a person for the 2004-05 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 |
$1,500 |
|
2 |
more than the lower income threshold but less than the higher income threshold |
$1,500 reduced by 5 cents for each dollar by which the person's total income for the income year exceeds the lower income threshold |