Tax and Superannuation Laws Amendment (2012 Measures No. 1) Act 2012 (75 of 2012)

Schedule 4   Refund of excess concessional contributions

Part 2   Other amendments

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

12   After subsection 8(1)

Insert:

(1A) For the purposes of paragraph (1)(c) of this section, reduce (but not below zero) the reportable employer superannuation contributions by any excess concessional contributions (within the meaning of the Income Tax Assessment Act 1997) included in the person’s assessable income under paragraph 292-467(2)(a) of that Act for the financial year corresponding to the income year.