Tax Laws Amendment (2009 Budget Measures No. 1) Act 2009 (62 of 2009)
Schedule 2 Government Co-contribution for Low Income Earners
Superannuation (Government Co-contribution for Low Income Earners) Act 2003
5 After subsection 10(1A)
Insert:
(1B) The amount of the Government co-contribution in respect of a person for the 2009-10 income year, the 2010-11 income year or the 2011-12 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 |
$1,000 |
|
2 |
more than the lower income threshold but less than the higher income threshold |
$1,000 reduced by 3.333 cents for each dollar by which the person's total income for the income year exceeds the lower income threshold |
(1C) The amount of the Government co-contribution in respect of a person for the 2012-13 income year or the 2013-14 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 |
$1,250 |
|
2 |
more than the lower income threshold but less than the higher income threshold |
$1,250 reduced by 4.167 cents for each dollar by which the person's total income for the income year exceeds the lower income threshold |
(1D) The amount of the Government co-contribution in respect of a person for the 2014-15 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 |