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

PART 1 - PRELIMINARY

SECTION 5 OVERVIEW OF THE ACT

5(1)
This Act provides for Government co-contributions to be made towards the superannuation of low income earners.

Note:

The Government co-contributions replace the rebates that used to be provided for in Subdivision AAC of Division 17 of Part III of the Income Tax Assessment Act 1936 .

5(2)

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The following is a simplified explanation of this Act:

• Part 2 (sections 6 to 12 ) tells you who are the people in respect of whom a Government co-contribution is payable. It also tells you how much the co-contribution is.

• Part 2A (sections 12B to 12G ) tells you who are the people entitled to a low income superannuation tax offset. It also tells you how much the low income superannuation tax offset is.

• Part 3 (sections 13 and 14 ) tells you how the Commissioner of Taxation determines whether a Government co-contribution is payable in respect of a person.

• Part 4 (sections 15 to 18 ) tells you how the Government co-contribution is paid.

• Part 5 (sections 19 to 24 ) tells you what happens if there is an overpayment or an underpayment of a Government co-contribution.

• Part 5A (section 25 ) sets out circumstances in which general interest charge is payable.

• Part 6 (sections 32 to 39 ) sets out record keeping obligations and provides for infringement notices).

• Parts 7 and 8 (sections 46 to 55 ) provide for administrative matters.

• Part 9 (section 56 ) sets out the terms that are defined to have a particular meaning when used in this Act.

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History

S 5(2) amended by No 81 of 2016, s 3 and Sch 4 item 1, by inserting " • Part 2A (sections 12B to 12G) tells you who are the people entitled to a low income superannuation tax offset. It also tells you how much the low income superannuation tax offset is. " , effective 2 July 2017. For application provision, see note under Pt 2A heading.

S 5(2) amended by No 96 of 2014, s 3 and Sch 7 item 1, by omitting " • Part 2A (sections 12B to 12G) tells you who are the people entitled to a low income superannuation contribution. It also tells you how much the low income superannuation contribution is. " , effective 1 July 2017. No 96 of 2014, s 3 and Sch 7 items 7 - 9 contain the following application and transitional provisions:

7 Application of amendments
7(1)
The amendments made apply in relation to concessional contributions for financial years starting on or after 1 July 2017.

7(2)
However, section 12G of the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 ceases to apply, in relation to low income superannuation contributions for any quarter or financial year, at the commencement of this Schedule.
Note:

Section 12G requires the Commissioner to give reports to the Minister for presenting to the Parliament. This subitem ensures that reporting under that section is required up to, but not after, the commencement of this Schedule.

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History

Item 7(2) amended by No 81 of 2016, s 3 and Sch 4 item 7, by inserting " low income superannuation contributions for " , effective 2 July 2017.

7(3)
For the purposes of this item, concessional contributions has the same meaning as in the Income Tax Assessment Act 1997 .
8 Transitional - notifying certain decisions
(Repealed by No 81 of 2016)
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Item 8 repealed by No 81 of 2016, s 3 and Sch 4 item 8, effective 2 July 2017. Item 8 formerly read:
8 Transitional - notifying certain decisions
8(1)
If, on or after the commencement of this Schedule, the Commissioner makes a decision under paragraph 12F(1)(b) of the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 in respect of a person, the Commissioner is not required to notify the person of the decision.
Note:

A decision under paragraph 12F(1)(b) is a decision by the Commissioner that the Commissioner would not have determined that a low income superannuation contribution was payable in respect of a person if the Commissioner had information that was obtained after that determination.

8(2)
Subitem (1) has effect despite subsection 12F(2) of that Act.

9 Transitional - Deadlines for the final financial year for a LISC
Determining that a LISC is payable

9(1)
The Commissioner must not determine under section 13 of the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 that a low income superannuation contribution is payable unless the Commissioner becomes satisfied, before 1 July 2019, that the contribution is payable.

Determining that an underpaid amount of LISC is payable

9(2)
The Commissioner must not determine under section 19 of the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 that an underpaid amount is to be paid unless the Commissioner becomes satisfied, before 1 July 2019, that the amount paid is less than the correct amount of low income superannuation contribution.

S 5(2) amended by No 2 of 2015, s 3 and Sch 2 item 55, by substituting " • Part 6 (sections 32 to 39) sets out record keeping obligations and provides for infringement notices). " for " • Part 6 (sections 30 to 45) tells you how the Commissioner of Taxation gathers some of the information needed for making decisions about Government co-contributions. " , effective 1 July 2015.

S 5(2) amended by No 82 of 2013, s 3 and Sch 2 item 1, by substituting " 12G " for " 12E " , applicable to the 2012-13 income year and later income years.

S 5(2) amended by No 23 of 2012, s 3 and Sch 4 item 1, by inserting the para relating to Part 2A, applicable to the 2012-13 income year and later income years.

S 5(2) amended by No 15 of 2007, s 3 and Sch 1 item 340, by substituting " (sections 30 to 45) tells you how the Commissioner of Taxation gathers some of the information needed for making decisions about Government co-contributions " for " (sections 26 to 45) tells you how the Commissioner of Taxation gathers the information needed for making decisions about Government co-contributions " , applicable to the 2007-2008 income year and later years.

S 5(2) (simplified explanation) amended by No 92 of 2004, s 3 and Sch 2 items 5 and 6, by substituting " (sections 19 to 24) " for " (sections 19 to 25) " and inserting the sentence starting " Part 5A (section 25) " , effective 29 June 2004.

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