Document ID: chunk:federal_register_of_legislation:C2018C00325:section:12e
Version: federal_register_of_legislation:C2018C00325
Segment Type: section
Provision Reference: s 12E
Character Range: 25482–27068

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.