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Superannuation Laws Amendment (2007 Budget Co-contribution Measure) Bill 2007

Schedule 1 Increase in the Government’s superannuation co-contribution for 2005-06

   

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

1  At the end of Division 2 of Part 2

Add:

12A   Amount of the Government co-contribution for 2005-06 income year

             (1)  This section applies for the purposes of working out the amount of the Government co-contribution in respect of a person for the 2005-06 income year.

             (2)  Despite sections 9, 10, 10A and 11, that amount is double the amount worked out under those sections in respect of the person for the 2005-06 income year.

             (3)  Subsection (2) has effect subject to sections 12, 21, 22 and 23.

             (4)  For the purposes of working out an amount of interest under section 12, 21 or 22 in relation to the Government co-contribution in respect of a person for the 2005-06 income year:

                     (a)  disregard subsection (2); and

                     (b)  treat an amount paid by the Commissioner as not including any amount paid by the Commissioner because of subsection (2).