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

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

Division 2 - Amount of the Government co-contribution

SECTION 9 BASIC RULE - GOVERNMENT CO-CONTRIBUTION MATCHES PERSONAL CONTRIBUTIONS

9(1) [Amount]

The amount of the Government co-contribution in respect of a person for an income year is:

(a) for the 2003-04 income year - an amount equal to the sum of the eligible personal superannuation contributions the person makes during the income year; and

(b) for the 2004-05 income year, the 2005-06 income year, the 2006-07 income year, the 2007-08 income year or the 2008-09 income year - an amount equal to 150% of the sum of the eligible personal superannuation contributions the person makes during the income year; and

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(c) for the 2009-10, 2010-11 and 2011-12 income years - an amount equal to the sum of the eligible personal superannuation contributions the person makes during the income year; and

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(d) for the 2012-13 income year or a later income year - an amount equal to 50 % of the sum of the eligible personal superannuation contributions the person makes during the income year.

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(e) (Repealed by No 90 of 2010)

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History

S 9(1) amended by No 85 of 2013, s 3 and Sch 6 items 1 - 2, by substituting " 2009-10, 2010-11 and 2011-12 income years " for " 2009-10 income year or a later income year " and inserting para (d), applicable to the 2012-13 income year and later income years.

S 9(1) amended by No 90 of 2010, s 3 and Sch 1 item 1, by substituting para (c) for paras (c), (d) and (e), applicable to the 2009-10 income year and later income years. Paras (c), (d) and (e) formerly read:

(c) for the 2009-10 income year, the 2010-11 income year or the 2011-12 income year - an amount equal to the sum of the eligible personal superannuation contributions the person makes during the income year; and

(d) for the 2012-13 income year or the 2013-14 income year - an amount equal to 125% of the sum of the eligible personal superannuation contributions the person makes during the income year; and

(e) for the 2014-15 income year or a later income year - an amount equal to 150% of the sum of the eligible personal superannuation contributions the person makes during the income year.

S 9(1) amended by No 62 of 2009, s 3 and Sch 2 items 1 to 3, by substituting " the 2004-05 income year, the 2005-06 income year, the 2006-07 income year, the 2007-08 income year or the 2008-09 income year " for " the 2004-05 income year or a later income year " in para (b), substituting " year; and " for " year. " in para (b) and inserting paras (c), (d) and (e) at the end, applicable to the 2009-10 income year and later income years.

S 9(1) substituted by No 106 of 2004, s 3 and Sch 1 item 1, applicable to the 2004-05 income year and later income years. S 9(1) formerly read:

9(1)
The amount of the Government co-contribution in respect of a person for an income year is equal to the sum of the eligible personal superannuation contributions the person makes during the income year.

9(2) [Effect]

Subsection (1) has effect subject to sections 10 , 10A , 11 , 12 , 21 , 22 and 23 .

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