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Superannuation (Government Co-contribution for Low Income Earners) Bill 2002

Part 1 Preliminary

   

1   Short title

                   This Act may be cited as the Superannuation (Government Co-contribution for Low Income Earners) Act 2002 .

2   Commencement

                   This Act commences on the day on which it receives the Royal Assent.

3   Act binds Crown

             (1)  This Act binds the Crown in each of its capacities.

             (2)  However, this Act does not make the Crown liable to be prosecuted for an offence.

4   Geographical application of Act

                   This Act extends to:

                     (a)  Norfolk Island; and

                     (b)  the Territory of Cocos (Keeling) Islands; and

                     (c)  the Territory of Christmas Island.

5   Overview of the Act

             (1)  This Act provides for Government co-contributions to be made towards the superannuation of low income earners.

Note:          The Government co-contributions replace the rebates that used to be provided for in Subdivision AAC of Division 17 of Part III of the Income Tax Assessment Act 1936 .

             (2)  The following is a simplified explanation of this Act:

•      Part 2 (sections 6 to 12) tells you who are the people in respect of whom a Government co-contribution is payable. It also tells you how much the co-contribution is.

•      Part 3 (sections 13 and 14) tells you how the Commissioner of Taxation determines whether a Government co-contribution is payable in respect of a person.

•      Part 4 (sections 15 to 18) tells you how the Government co-contribution is paid.

•      Part 5 (sections 19 to 25) tells you what happens if there is an overpayment or an underpayment of a Government co-contribution.

•      Part 6 (sections 26 to 45) tells you how the Commissioner of Taxation gathers the information needed for making decisions about Government co-contributions.

•      Parts 7 and 8 (sections 46 to 55) provide for administrative matters.

•      Part 9 (section 56) sets out the terms that are defined to have a particular meaning when used in this Act.