5Overview of the Act

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 2A (sections 12B to 12G) tells you who are the people entitled to a low income superannuation tax offset. It also tells you how much the low income superannuation tax offset 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 24) tells you what happens if there is an overpayment or an underpayment of a Government co‑contribution.

• Part 5A (section 25) sets out circumstances in which general interest charge is payable.

• Part 6 (sections 32 to 39) sets out record keeping obligations and provides for infringement notices).

• 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.