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Superannuation Laws Amendment (2004 Measures No. 1) Bill 2004
Schedule 1 Extension of eligibility

   

Income Tax Assessment Act 1936

1  Subsection 82AAT(1) (note)

Repeal the note, substitute:

Note:          See also section 26-80 of the Income Tax Assessment Act 1997 for cases in which a deduction that a person is entitled to under this section is denied.

Income Tax Assessment Act 1997

2  At the end of subsection 26-80(3)

Add:

             ; and (c)  you are not entitled to a Government co-contribution payable under the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 in respect of the contribution.

3  Application of item 2

The amendment made by item 2 of this Schedule applies to assessments for the 2004-2005 income year and for subsequent income years.

Superannuation (Government Co-contribution for Low Income Earners) Act 2003

4  Paragraph 6(1)(b)

Repeal the paragraph, substitute:

                     (b)  10% or more of the person’s total income for the income year is attributable to eligible employment of the person; and

5  Subsection 6(2)

Repeal the subsection, substitute:

             (2)  In this section:

eligible employment has the same meaning as in Subdivision AB of Division 3 of Part III of the Income Tax Assessment Act 1936 .

6  Application of items 4 and 5

The amendments made by items 4 and 5 of this Schedule apply to determinations as to whether a Government co-contribution is payable in respect of a person for the 2003-2004 income year and for subsequent income years.