SUPERANNUATION (GOVERNMENT CO-CONTRIBUTION FOR LOW INCOME EARNERS) ACT 2003 - SECT 10 Taper based on total income for the income year
SUPERANNUATION (GOVERNMENT CO-CONTRIBUTION FOR LOW INCOME EARNERS) ACT 2003 - SECT 10
Taper based on total income for the income year(1) The amount of the Government co - contribution in respect of a person for the 2003 - 04 income year must not exceed the maximum amount worked out using the following table:
Maximum Government co - contribution | ||
Item | Person's total income for the income year | Maximum amount |
1 | the lower income threshold or less | $1,000 |
2 | more than the lower income threshold but less than the higher income threshold | $1,000 reduced by 8 cents for each dollar by which the person's total income for the income year exceeds the lower income threshold |
(1A) The amount of the Government co - contribution in respect of a person 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 must not exceed the maximum amount worked out using the following table:
Maximum Government co - contribution | ||
Item | Person's total income for the income year | Maximum amount |
1 | the lower income threshold or less | $1,500 |
2 | more than the lower income threshold but less than the higher income threshold | $1,500 reduced by 5 cents for each dollar by which the person's total income for the income year exceeds the lower income threshold |
(1B) The amount of the Government co - contribution in respect of a person for the 2009 - 10 income year, 2010 - 11 income year or 2011 - 12 income year must not exceed the maximum amount worked out using the following table:
Maximum Government co - contribution | ||
Item | Person's total income for the income year | Maximum amount |
1 | the lower income threshold or less | $1,000 |
2 | more than the lower income threshold but less than the higher income threshold | $1,000 reduced by 3.333 cents for each dollar by which the person's total income for the income year exceeds the lower income threshold |
(1C) The amount of the Government co - contribution in respect of a person for the 2012 - 13 income year or a later income year must not exceed the maximum amount worked out using the following table:
Maximum Government co - contribution | ||
Item | Person's total income for the income year | Maximum amount |
1 | the lower income threshold or less | $500 |
2 | more than the lower income threshold but less than the higher income threshold | $500 reduced by 3.333 cents for each dollar by which the person's total income for the income year exceeds the lower income threshold |
(2) Subsections ( 1), (1A) , (1B) and (1C) have effect
subject to sections 10A, 11, 12, 21, 22 and 23.