SUPERANNUATION (GOVERNMENT CO-CONTRIBUTION FOR LOW INCOME EARNERS) ACT 2003 - SECT 8 Total income for income year
SUPERANNUATION (GOVERNMENT CO-CONTRIBUTION FOR LOW INCOME EARNERS) ACT 2003 - SECT 8
Total income for income year(1) The person's total income for the income year is the sum of:
(a) the person's assessable income for the income year , disregarding the person's assessable FHSS released amount (within the meaning of the Income Tax Assessment Act 1997 ) for the income year ; and
(b) the person's reportable fringe benefits total for the income year ; and
(c) the total of the person's reportable employer superannuation contributions (within the meaning of the Income Tax Assessment Act 1997 ) for the income year.
(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 291 - 15(a) of that Act for the income year .
(2) However, the person's total income for the income year is reduced by amounts (if any) for which the person is entitled to a deduction as a result of carrying on a business (within the meaning of the Income Tax Assessment Act 1997 ).
(3) Subsection ( 2) does not apply for the purposes of
paragraph 6(1)(b).