12EAmount of low income superannuation tax offset

12E Amount of low income superannuation tax offset

(1) This section applies if a low income superannuation tax offset is payable under subsection 12C(1) or (2) in respect of a person for an income year. (2) The amount of the person’s low income superannuation tax offset for the income year is: (a) unless paragraph (b) or (c) applies—15% of the total of the person’s concessional contributions for the financial year that corresponds to the income year; or (b) if the amount worked out under paragraph (a) exceeds $500—$500; or (c) if the amount worked out under paragraph (a) is less than $10—$10. (3) For the purposes of paragraph (2)(a), disregard: (a) contributions or amounts covered by paragraph 291‑370(1)(a) of the Income Tax Assessment Act 1997 (about contributions or amounts in relation to constitutionally protected funds); and (b) any other amounts covered by paragraph 291‑165(1)(c) of that Act. (4) If, apart from this subsection: (a) there would be an underpaid amount as mentioned in section 19 in respect of the person’s low income superannuation tax offset for the income year; and (b) the underpaid amount would be less than $10; decrease the amount of that low income superannuation tax offset by that underpaid amount. (5) If, apart from this subsection: (a) there would be an amount overpaid as mentioned in section 24 in respect of the person’s low income superannuation tax offset for the income year; and (b) the amount overpaid would be less than $10; increase the amount of that low income superannuation tax offset by that amount overpaid.