Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-30
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SUPERANNUATION
Division 295
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Taxation of superannuation entities
Subdivision 295-C
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Contributions included
Personal contributions and roll-over amounts
SECTION 295-195 Exclusion of personal contributions - contributions
Variation notice received before return lodged
295-195(1)
A contribution is not included in the assessable income of a *complying superannuation fund or *RSA provider under item 1 of the table in subsection 295-190(1) to the extent that it has been reduced by a notice under section 290-180 if the notice is received by the *superannuation provider before it has lodged its *income tax return for the income year in which the contribution was made.
Variation notice received after return lodged
295-195(2)
A contribution is not included in the assessable income of a *complying superannuation fund or *RSA provider under item 1 of the table in subsection 295-190(1) for the income year in which the contribution was made to the extent that it has been reduced by a notice under section 290-180 if:
(a) the notice is received by the *superannuation provider after it has lodged its *income tax return for the income year; and
(b) the provider exercises the option mentioned in subsection (3).
295-195(3)
An amount referred to in subsection (2) may, at the option of the provider, be excluded from the assessable income of the fund or *RSA provider for the income year referred to in subsection (2) if excluding it would result in a greater reduction in tax for that year than the reduction that would occur for the income year in which the notice is received if a deduction were allowed under item 2 of the table in subsection 295-490(1) .
View history note
Hide history noteSECTION 295-195 Exclusion of personal contributions - contributions
Variation notice received before return lodged
295-195(1)
A contribution is not included in the assessable income of a *complying superannuation fund or *RSA provider under item 1 of the table in subsection 295-190(1) to the extent that it has been reduced by a notice under section 290-180 if the notice is received by the *superannuation provider before it has lodged its *income tax return for the income year in which the contribution was made.
Variation notice received after return lodged
295-195(2)
A contribution is not included in the assessable income of a *complying superannuation fund or *RSA provider under item 1 of the table in subsection 295-190(1) for the income year in which the contribution was made to the extent that it has been reduced by a notice under section 290-180 if:
(a) the notice is received by the *superannuation provider after it has lodged its *income tax return for the income year; and
(b) the provider exercises the option mentioned in subsection (3).
295-195(3)
An amount referred to in subsection (2) may, at the option of the provider, be excluded from the assessable income of the fund or *RSA provider for the income year referred to in subsection (2) if excluding it would result in a greater reduction in tax for that year than the reduction that would occur for the income year in which the notice is received if a deduction were allowed under item 2 of the table in subsection 295-490(1) .
Note:
The exclusion is an alternative to the fund deducting the amount under item 2 of the table in subsection 295-490(1) .
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