SUPERANNUATION (GOVERNMENT CO-CONTRIBUTION FOR LOW INCOME EARNERS) ACT 2003

Table of Provisions

• Long Title

PART 1--PRELIMINARY

• 1 Short title  
• 2 Commencement  
• 3 Act binds Crown  
• 4 Geographical application of Act  
• 5 Overview of the Act  

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

Division 1--Government co-contribution

• 6 Person in respect of whom Government co - contribution payable  
• 7 Contributions that attract matching Government co - contributions  
• 8 Total income for income year  

Division 2--Amount of the Government co-contribution

• 9 Basic rule--Government co - contribution matches personal contributions  
• 10 Taper based on total income for the income year  
• 10A Increases in lower and higher income threshold  
• 11 Minimum Government co - contribution  
• 12 Government co - contribution increased by interest amount if paid late in certain circumstances  
• 12A Amount of the Government co - contribution for 2005 - 06 income year  

PART 2A--LOW--INCOME SUPERANNUATION TAX OFFSET

• 12B Reference to Government co - contribution includes reference to low income superannuation tax offset  
• 12C Person entitled to low income superannuation tax offset  
• 12E Amount of low income superannuation tax offset  
• 12F Consequences if estimates no longer accurate  
• 12G Reports on this Part  

PART 3--DETERMINATION--THAT GOVERNMENT CO-CONTRIBUTION PAYABLE

• 13 Commissioner's determination  
• 14 Matters Commissioner has regard to in making determination  

PART 4--PAYMENT--OF THE GOVERNMENT CO-CONTRIBUTION

• 15 Commissioner to determine where the Government co - contribution payment is to be directed  
• 16 Superannuation provider to return Government co - contribution that cannot be credited to account  
• 17 Payment of Government co - contribution  
• 18 Commissioner to give information if co - contribution paid  

PART 5--UNDERPAYMENTS--AND OVERPAYMENTS

Division 1--Underpayments

• 19 Underpayment determinations  
• 20 Superannuation provider to return underpaid amount that cannot be credited to account  
• 21 Government co - contribution increased by interest amount if underpaid amount paid late in certain circumstances  
• 22 Government co - contribution increased by interest amount if underpaid amount due to administrative error  
• 23 Small underpayments  

Division 2--Recovery of overpayments

• 24 Recovery of overpayment of Government co - contribution in respect of a person  

PART 5A--GENERAL--INTEREST CHARGE

• 25 When general interest charge payable  

PART 6--ENFORCEMENT

Division 1--Record keeping obligations

• 32 Records to be kept and retained by superannuation provider  

Division 2--Infringement notices

• 33 When an infringement notice can be served  
• 34 Matters to be included in an infringement notice  
• 35 Withdrawal of infringement notice  
• 36 What happens if penalty is paid  
• 37 More than one infringement notice may not be served for the same offence  
• 38 Infringement notice not required to be served  
• 39 Commissioner may extend period for payment of penalty  

PART 7--ADMINISTRATION

Division 1--General administration

• 46 Commissioner to have general administration of the Act  
• 47 Decisions to be in writing  
• 48 Commissioner may arrange for use of computer programs to make decisions  

Division 2--Review of decisions

• 49 Review of decisions  
• 50 Authorised review officers  
• 51 Withdrawal of review applications  

Division 3--Other administrative matters

• 52 Tax file numbers  
• 54 Reports  

PART 8--MISCELLANEOUS

• 55 Regulations  

PART 9--DICTIONARY

• 56 Dictionary