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

5   Subsections 10A(2) and (3)

Repeal the subsections, substitute:

(2) The lower income threshold for an income year is:

(a) for the 2003-04 income year - $27,500; or

(b) for the 2004-05 income year or a later income year before the 2007-08 income year - $28,000; or

(c) for the 2007-08 income year - $28,000 multiplied by the indexation factor for that income year; or

(d) for a later income year - the amount of the lower income threshold for the previous income year multiplied by the indexation factor for that later income year.

(3) The higher income threshold for an income year is:

(a) for the 2003-04 income year - $40,000; or

(b) for the 2004-05 income year or a later income year before the 2007-08 income year - $58,000; or

(c) for the 2007-08 income year or a later income year - the sum of:

(i) the lower income threshold for that income year; and

(ii) $30,000.