Document ID: chunk:federal_register_of_legislation:C2017C00177:clause:4_12c
Version: federal_register_of_legislation:C2017C00177
Segment Type: clause
Provision Reference: sch 4 cl 12C
Character Range: 104182–106666

12C  Person entitled to low income superannuation tax offset
 (1) A low income superannuation tax offset is payable under this subsection in respect of a person for an income year of the person if:
 (a) the person's concessional contributions for the financial year that corresponds to the income year are for a financial year starting on or after 1 July 2017; and
 (b) the person's adjusted taxable income for the income year (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)) does not exceed $37,000; and
 (c) the requirement in paragraph 6(1)(b) is satisfied in respect of the person in relation to the income year; and
 (d) the requirement in paragraph 6(1)(f) is satisfied in respect of the person in relation to the income year.
 (2) A low income superannuation tax offset is payable under this subsection in respect of a person for an income year of the person if:
 (a) the person's concessional contributions for the financial year that corresponds to the income year are for a financial year starting on or after 1 July 2017; and
 (b) 12 months after the end of the income year, the Commissioner reasonably believes there is insufficient information to decide whether to make a determination under section 13 that a low income superannuation tax offset is payable under subsection (1) in respect of the person for the income year; and
 (c) the Commissioner estimates that:
 (i) the person's adjusted taxable income for the income year (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)) does not exceed $37,000; and
 (ii) 10% or more of the person's total income for the income year (disregarding subsections 8(2) and (3)) is attributable to the person engaging in activities covered under subsection 6(2); and
 (d) the requirement in paragraph 6(1)(f) is satisfied in respect of the person in relation to the income year.
 (3) For the purposes of paragraph (1)(c), disregard the words "in which the person makes the contribution" in paragraph 6(2)(a).
 (4) For the purposes of subparagraph (2)(c)(i), treat the person as having total deductions of $300 for the income year unless the Commissioner has information to the contrary.
 (5) For the purposes of subparagraph (2)(c)(ii), disregard the words "in the income year in which the person makes the contribution" in paragraph 6(2)(a).