Income Tax Assessment Act 1997
CHAPTER 3 - SPECIALIST LIABILITY RULES
View history note
Hide history noteDivision 290 - Contributions to superannuation funds
Subdivision 290-C - Deducting personal contributions
Note: A Commissioner ' s Remedial Power modification is relevant to this part of the tax law. Taxation Administration (Remedial Power - Work Test for Personal Superannuation Contributions) Determination 2023 (F2023L00564) modifies the operation of s 290-165(1A) of the Income Tax Assessment Act 1997 and any other provisions of a taxation law whose operation is affected by the modified operation of s 290-165(1A) .
The operation of the relevant provision is modified as follows:
For the purposes of s 370-5 in Sch 1 to the Taxation Administration Act 1953 , s 290-165(1A) of the Income Tax Assessment Act 1997 is modified to operate as if:
The modification applies in relation to contributions made on or after 1 July 2022.
An entity must treat a modification as not applying to it or any other entity if the modification would produce a less favourable result for it. The Commissioner is empowered by s 370-5 of Sch 1 to the Taxation Administration Act 1953 to make modifications, by legislative instrument, to ensure the law is administered to achieve its intended purpose or object.
Conditions for deducting a personal contribution
SECTION 290-180 Notice may be varied but not revoked or withdrawn
290-180(1)
You cannot revoke or withdraw a valid notice in relation to the contribution (or a part of the contribution).
290-180(2)
You can vary a valid notice, but only so as to reduce the amount stated in relation to the contribution (including to nil). You do so by giving notice to the trustee or the *RSA provider in the *approved form.
290-180(3)
However, you cannot vary a valid notice after:
(a)
if you have lodged your *income tax return for the income year in which the contribution was made on a day before the end of the next income year
-
the end of that day; or
(b)
otherwise
-
the end of the next income year.
290-180(3A)
The variation is not effective if, when you make it:
(a)
you were not a member of the fund or the holder of the *RSA; or
(b)
the trustee or *RSA provider no longer holds the contribution; or
(c)
the trustee or RSA provider has begun to pay a *superannuation income stream based in whole or part on the contribution.
290-180(4)
Subsection (3) does not apply to a variation if:
(a)
you claimed a deduction for the contribution (or a part of the contribution); and
(b)
the deduction is not allowable (in whole or in part); and
(c)
the variation reduces the amount stated in relation to the contribution by the amount not allowable as a deduction.
Application to successor funds
290-180(5)
Subsections (2) and (3A) apply as if:
(a)
the reference in subsection (3A) to the fund or *RSA were a reference to a *successor fund; and
(b)
references in those subsections to the trustee or *RSA provider were references to the trustee or RSA provider of the successor fund;
if, after a valid notice is given under section 290-170 in relation to the contribution, all of the *superannuation interest to which the notice relates is transferred to the successor fund.
290-180(6)
(Repealed by No 89 of 2013)
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.