TAX LAWS AMENDMENT (2010 MEASURES NO. 3) ACT 2010 (NO. 90, 2010) - SCHEDULE 1 Government co-contribution for low income earners
TAX LAWS AMENDMENT (2010 MEASURES NO. 3) ACT 2010 (NO. 90, 2010) - SCHEDULE 1
Government co-contribution for low income earners
Superannuation (Government Co‑contribution for Low Income Earners) Act 2003
1 Paragraphs 9(1)(c), (d) and (e)
Repeal the paragraphs, substitute:
(c) for the 2009‑10 income year or a later income year--an amount equal to the sum of the eligible personal superannuation contributions the person makes during the income year.
2 Subsections 10(1B), (1C) and (1D)
Repeal the subsections, substitute:
(1B) The amount of the Government co‑contribution in respect of a person for the 2009‑10 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 |
$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 |
3 Subsection 10(2)
Omit "Subsections (1), (1A), (1B), (1C) and (1D)", substitute "Subsections (1), (1A) and (1B)".
4 Paragraph 10A(1)(a)
After "later income years", insert "(apart from the 2010‑11 and 2011‑12 income years)".
5 Paragraph 10A(1)(b)
After "each later income year", insert "(apart from the 2010‑11 and 2011‑12 income years)".
6 After subsection 10A(5)
Insert:
(5A) Despite subsection (5), the indexation factor for the 2010‑11 and 2011‑12 income years is 1.
7 Application provision
The amendments made by this Schedule apply to the 2009‑10 income year and later income years.