Document ID: chunk:federal_register_of_legislation:F2022L00155:reg:14
Version: federal_register_of_legislation:F2022L00155
Segment Type: reg
Provision Reference: reg 14
Character Range: 18896–21260

14  Reports for Parliament—details about low income superannuation tax offsets
 (1) For the purposes of subsection 12G(1) of the Act, the following details to be included in a report for a quarter are prescribed:
 (a) the number of beneficiaries of a low income superannuation tax offset during the quarter;
 (b) the total of all amounts of low income superannuation tax offsets made by the Commissioner during the quarter;
 (c) the total of all amounts of low income superannuation tax offsets recovered during the quarter as overpaid amounts under section 24 of the Act.
 (2) For the purposes of paragraph 12G(2)(b) of the Act, the following details to be included in a report for a financial year are prescribed:
 (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 $36,000 but no more than $37,000;
 (e) the total of all amounts of low income superannuation tax offsets made under subsection 12C(1) of the Act during the financial year;
 (f) the total of all amounts of low income superannuation tax offsets made under subsection 12C(2) of the Act during the financial year;
 (g) the total of all amounts of low income superannuation tax offsets made by the Commissioner during the financial year;
 (h) the total of all amounts of low income superannuation tax offsets recovered during the financial year as overpaid amounts under section 24 of the Act.
 (3) For the purposes of this section, 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 5—Miscellaneous