SUPERANNUATION (GOVERNMENT CO-CONTRIBUTION FOR LOW INCOME EARNERS) ACT 2003 - SECT 12C Person entitled to low income superannuation tax offset

SUPERANNUATION (GOVERNMENT CO-CONTRIBUTION FOR LOW INCOME EARNERS) ACT 2003 - SECT 12C

  (1)   A low income superannuation tax offset is payable under this subsection in respect of a person for an income year of the person if:

  (a)   the person's concessional contributions for the financial year that corresponds to the income year are for a financial year starting on or after 1   July 2017; and

  (b)   the person's adjusted taxable income for the income year (worked out in accordance with Schedule   3 to the A New Tax System (Family Assistance) Act 1999 (disregarding clauses   3 and 3A of that Schedule)) does not exceed $37,000; and

  (c)   the requirement in paragraph   6(1)(b) is satisfied in respect of the person in relation to the income year; and

  (d)   the requirement in paragraph   6(1)(f) is satisfied in respect of the person in relation to the income year.

  (2)   A low income superannuation tax offset is payable under this subsection in respect of a person for an income year of the person if:

  (a)   the person's concessional contributions for the financial year that corresponds to the income year are for a financial year starting on or after 1   July 2017; and

  (b)   12 months after the end of the income year, the Commissioner reasonably believes there is insufficient information to decide whether to make a determination under section   13 that a low income superannuation tax offset is payable under subsection   ( 1) in respect of the person for the income year; and

  (c)   the Commissioner estimates that:

  (i)   the person's adjusted taxable income for the income year (worked out in accordance with Schedule   3 to the A New Tax System (Family Assistance) Act 1999 (disregarding clauses   3 and 3A of that Schedule)) does not exceed $37,000; and

  (ii)   10% or more of the person's total income for the income year (disregarding subsections   8(2) and (3)) is attributable to the person engaging in activities covered under subsection   6(2); and

  (d)   the requirement in paragraph   6(1)(f) is satisfied in respect of the person in relation to the income year.

  (3)   For the purposes of paragraph   ( 1)(c), disregard the words "in which the person makes the contribution" in paragraph   6(2)(a).

  (4)   For the purposes of subparagraph   ( 2)(c)(i), treat the person as having total deductions of $300 for the income year unless the Commissioner has information to the contrary.

  (5)   For the purposes of subparagraph   ( 2)(c)(ii), disregard the words "in the income year in which the person makes the contribution" in paragraph   6(2)(a).