Concessional and Other Offset Details

Not available in Accountants Office

The Other and Concessional Offsets include:

• GovernmentCo-contributions

• SuperannuationContributionsonbehalfofaSpouse

• LowIncomeEarners

• NetMedicalExpenses

Government Co-contributions

These details are recorded for the taxpayer.

Maximum Contribution: This is the maximum co-contribution the government will pay to the fund manager.

Threshold: This is the threshold for assessable income above which eligibility for the co-contribution is reduced and eventually shaded out.

Reduction: This is the reduction rate applied to the shade out threshold.

Government Contribution Rate: This is the % applied to the member's contribution to arrive at the Government dollar for dollar contribution.

Superannuation Contributions on behalf of a Spouse

Maximum Contributions: This is the maximum contribution a taxpayer may make on behalf of a spouse.

Assessable Threshold: This is the amount of notional assessable income the spouse can earn before the rebate begins to shade out. Notional assessable income is assessable income plus reportable fringe benefits.

Reduction%: This is the reduction rate expressed as a percentage. The rebate will shade out at $1 for every dollar in excess of the threshold.

Offset%: If the spouse contributions made are less than the maximum contributions, the offset will be the Offset% of the actual contribution made.

Low Income Earners

Offset: This is the maximum available rebate.

Threshold: This is the figure above which the rebate is reduced by $1 for every $4 of income in excess of this amount.

Reduction: This is the reduction rate expressed as a percentage.

Net Medical Expenses

Offset on excess: These are the percentage applied after the statutory deduction. These figures are indexed each year.