These Regulations are the Superannuation (Government Co‑contribution for Low Income Earners) Regulations 2004.
3 Definitions
In these Regulations:
Act means the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003.
approved form has the meaning given by section 388‑50 in Schedule 1 to the Taxation Administration Act 1953.
Australian Business Number has the meaning given by section 41 of the A New Tax System (Australian Business Number) Act 1999.
client identifier means a number or other unique identification assigned by a superannuation provider to a member’s accounts for linking all dealings by the provider with the member.
eligible account, for a member, means an account held by the member with a complying superannuation fund or an RSA:
(a) in relation to which the Commissioner has not been advised that the account will not accept Government co‑contributions; and
(b) that is not an account for which the conditions of release are any of those mentioned in items 102, 103 or 109 of Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994 only; and
(c) that has not commenced paying a pension or an annuity.
product identification number means a number or other unique identification assigned by a superannuation provider to a product offered by the provider.
reporting day means 15 January, 15 April and 15 July.
superannuation fund number means the number assigned to a superannuation provider by the Australian Prudential Regulation Authority.
Part 2—Co‑contributions
Division 2.1—Administration
5 Determining where a Government co‑contribution or underpaid amount is to be directed
(1) For subsections 15(3) and 19(6) of the Act and subject to subregulation (3), the Commissioner must determine that a Government co‑contribution or an underpaid amount is to be paid in respect of a person in accordance with the following table.
Item
Person’s circumstances
Government co‑contribution or underpaid amount is to be paid to:
1
Part Part 2 - Superannuation (Government Co-contribution for Low Income Earners) Regulations 2004 - Co‑contributions | Zoe
The Commissioner is satisfied that the person is deceased
The person’s legal personal representative
2
The Commissioner is satisfied that the person has retired and no longer has an eligible account
The person
3
The person has nominated an eligible account to the Commissioner for the purpose of receiving a Government co‑contribution
The eligible account
4
The person has 1 or more eligible accounts and has not nominated an eligible account to the Commissioner for the purpose of receiving a Government co‑contribution
(a) If 1 of the eligible accounts has received a Government co‑contribution in the current financial year—that eligible account(b) If paragraph (a) does not apply, the eligible account:(i) to which the person has made the greatest amount of eligible personal superannuation contributions; or
(ii) with the greatest amount of concessional contributions;in the most recent financial year for which the Commissioner has received a statement in respect of the member under section 390‑5 of Schedule 1 to the Taxation Administration Act 1953
(c) If paragraphs (a) and (b) do not apply, the eligible account with the most recently opened account date, for which the Commissioner has received a statement in respect of the member under section 390‑5 of Schedule 1 to the Taxation Administration Act 1953
(d) If paragraphs (a), (b) and (c) do not apply, the eligible account with the highest account balance in the most recent financial year for which the Commissioner has received a statement in respect of the member under section 390‑5 of Schedule 1 to the Taxation Administration Act 1953(e) If paragraphs (a), (b), (c) and (d) do not apply, the eligible account determined by the Commissioner
5
The person does not have an eligible account
A new or existing account of the person in the Superannuation Holding Accounts Special Account
Note: The Small Superannuation Accounts Act 1995 established the Superannuation Holding Accounts Reserve (SHAR) and provided that after the commencement of the Financial Management and Accountability Act 1997, the SHAR was a component of the Reserved Money Fund—see section 8 of that Act.
Note: The Financial Management Legislation Amendment Act 1999 converted the SHAR into a Special Account for the purposes of the Financial Management and Accountability Act 1997, with the name Superannuation Holding Accounts Account—see section 5 of that Act.
Note: The Financial Framework Legislation Amendment Act 2005 renamed the Special Account as the Superannuation Holding Accounts Special Account—see item 324 of Schedule 1 to that Act.
(2) If the person nominates an eligible account for item 3 in the table in subregulation (1), the nomination has effect until:
(a) the person nominates another eligible account; or
(b) the nominated account stops accepting Government co‑contributions for the person; or
(c) the nominated account ceases to be an eligible account.
(3) A paragraph in item 4 of the table in subregulation (1) does not apply to a payment if the Commissioner is reasonably satisfied that the eligible account mentioned in that paragraph will not or cannot accept the payment.
Division 2.2—Payment of co‑contribution
7 Payment dates
For subsections 17(2) and 21(2) of the Act, the payment date for an amount is the day 60 days after the Commissioner is able to be satisfied that a determination must be made.
8 Information to be given by Commissioner
(1) For subsection 18(1) of the Act, the Commissioner must give information on the matters mentioned in Part 1 of Schedule 2.
(2) For subsection 18(2) of the Act, the Commissioner must give information on the matters mentioned in Part 2 of Schedule 2.
Division 2.3—Overpayments
9 Information for recovery of overpayment
(1) For item 3 of the table to subsection 24(3) of the Act, the notice must include information on the matters mentioned in Part 1 of Schedule 3.
(2) For item 4 of the table to subsection 24(3) of the Act, the notice must include the information required under Part 2 of Schedule 3.
(3) For subsection 24(7) of the Act, the notice must include information on the matters mentioned in Part 3 of Schedule 3.
Part 3—Information generally
12 Form of information to be given to the Commissioner
(1) This regulation applies to information to be given by a person to the Commissioner under the Act or these Regulations, other than information to be contained in a statement under Division 390 of Schedule 1 to the Taxation Administration Act 1953.
(2) The information must be given in the approved form.
17 Change or omission in information given to the Commissioner
(1) If at any time a superannuation provider becomes aware of a change or omission in any information given to the Commissioner, the provider must:
(a) tell the Commissioner of the change; or
(b) give the omitted information to the Commissioner;
as the case requires, unless the provider is reasonably satisfied that the change or omission will not affect a determination.
(2) Information required by subregulation (1) must be given:
(a) if the provider becomes aware of the change or omission at least 30 days before the next reporting day—before that reporting day; or
(b) in any other case—before the reporting day after the next reporting day.
18 Giving a tax file number statement to the Commissioner
(1) If:
(a) a superannuation provider has given information to the Commissioner in connection with the operation of the Act or these Regulations in relation to a member; and
(b) the member did not quote his or her tax file number to the provider in connection with the operation or possible future operation of the Act before the information was given; and
(c) the Commissioner has not informed the provider of the member’s tax file number; and
(d) the member later quotes the tax file number to the provider in connection with the operation or possible future operation of the Act;
the provider must give a statement to the Commissioner relating to the member’s tax file number.
Note: A form will be approved by the Commissioner for this purpose—see subsection 12(2). The approved form may require the provider to give information about members and their tax file numbers, and may require the provider to give other information.
(2) A tax file number statement must be given to the Commissioner:
(a) if it is quoted to the provider not less than 30 days before the next reporting day—before that reporting day; or
(b) in any other case—before the reporting day after the next reporting day.
Note: Superannuation providers must comply with any guidelines relating to tax file number information issued by the Privacy Commissioner under section 17 of the Privacy Act 1988.
Part 3A—Administration
21A Reports to Parliament—details
(1) For subsection 54(1) of the Act, the details are as follows:
(a) the number of recipients of Government co‑contributions during the quarter;
(b) the total amount of Government co‑contributions made during the quarter by the Commissioner;
(c) the total amount of Government co‑contributions recovered during the quarter as overpaid amounts under section 24 of the Act.
(2) For paragraph 54(2)(b) of the Act, the details are as follows:
(a) the number of recipients of Government co‑contributions during the year;
(b) the total amount of Government co‑contributions made during the year by the Commissioner;
(c) the total amount of Government co‑contributions recovered during the year as overpaid amounts under section 24 of the Act.
(3) For paragraph 54(2)(c) of the Act, the ranges of total income are mentioned in Part 1 of Schedule 7.
(4) For paragraph 54(2)(d) of the Act, the ranges of taxable income are mentioned in Part 2 of Schedule 7.
21B Reports to Parliament—details about low income superannuation tax offsets
(1) For subsection 12G(1) of the Act, the details to be included in a report for a quarter are the following:
(a) the number of beneficiaries of a low income superannuation tax offset during the quarter;
(b) the total amount of low income superannuation tax offsets made during the quarter by the Commissioner;
(c) the total amount of low income superannuation tax offsets recovered during the quarter as overpaid amounts under section 24 of the Act.
(2) For paragraph 12G(2)(b) of the Act, the details to be included in a report for a financial year are the following:
(a) the number of beneficiaries of a low income superannuation tax offset made under subsection 12C(1) of the Act during the financial year;
(b) the number of beneficiaries of a low income superannuation tax offset made under subsection 12C(2) of the Act during the financial year;
(c) the total number of beneficiaries of a low income superannuation tax offset during the financial year;
(d) the number of those beneficiaries with an adjusted taxable income, or estimated adjusted taxable income, for the income year that corresponds to the financial year, in each of the following ranges:
(i) less than $1,000;
(ii) at least $1,000 but less than $2,000;
(iii) each subsequent range of $1,000 starting immediately after the previous range of $1,000, with the final range being at least $35,000 but less than $36,000;
(iv) at least $36,000 but no more than $37,000;
(e) the amount of low income superannuation tax offsets made under subsection 12C(1) of the Act during the financial year;
(f) the amount of low income superannuation tax offsets made under subsection 12C(2) of the Act during the financial year;
(g) the total amount of low income superannuation tax offsets made during the financial year by the Commissioner;
(h) the total amount of low income superannuation tax offsets recovered during the financial year as overpaid amounts under section 24 of the Act.
(3) For this regulation, a person’s adjusted taxable income for an income year is worked out in accordance with Schedule 3 to the A New Tax System (Family Assistance) Act 1999 (disregarding clauses 3 and 3A of that Schedule).
Part 4—Miscellaneous
24 Amounts paid or repaid to be rounded up
(1) If an amount to be paid under section 12, 21 or 22 of the Act is an amount of whole dollars and an amount of cents, the amount is to be rounded up to the nearest dollar.
(2) If an amount to be paid or repaid under the Act, other than under section 23 of the Act or subregulation (1), is not a multiple of 5 cents, the amount is to be increased to the nearest multiple of 5 cents.
Part 5—Transitional
30 Amendments made by the Superannuation and Corporations Legislation Amendment (Low Income Superannuation Contribution) Regulation 2013
The amendments made by items 1 to 5 and 7 of Schedule 1 to the Superannuation and Corporations Legislation Amendment (Low Income Superannuation Contribution) Regulation 2013 apply in relation to the 2012‑13 income year and later income years.
31 Nominated accounts for 2012‑13 income year
(1) This regulation applies in relation to the payment of a low income superannuation contribution for the 2012‑13 income year that is made in the financial year starting on 1 July 2013.
(2) For item 3 of the table in subregulation 5(1), the nomination of an eligible account for the purpose of receiving a Government co‑contribution is also taken to be the nomination of an eligible account for the purpose of receiving the low income superannuation contribution.