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-G
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Deductions
Other deductions
SECTION 295-490 Other deductions 295-490(1)
An entity can deduct amounts as set out in this table.
295-490(2)
A fund cannot deduct an amount under item 3 of the table for a levy imposed by regulations under section 6 of the Superannuation (Financial Assistance Funding) Levy Act 1993 to the extent that: (a) the levy is remitted; or (b) there is a refund or other application of an overpayment of the levy.
295-490(3)
No other provision of this Act affects a fund ' s *income tax liability in relation to the levy.
View history note
Hide history noteSECTION 295-490 Other deductions 295-490(1)
An entity can deduct amounts as set out in this table.
Note:
For an explanation of the acronyms used, see section 295-35 .
| Other deductions | |||
| Item | This entity: | Can deduct: | For the income year in which: |
| 1 | CSF
N-CSF CADF N-CADF PST |
An amount included in the entity ' s assessable income under Subdivision 295-C that is a * fringe benefit | The contribution is included in assessable income |
| 2 | CSF
* RSA provider |
Contributions made to the CSF or *RSA to the extent they have been reduced by a notice under section 290-180 received by the *superannuation provider of the CSF or RSA after it lodged its *income tax return for the income year in which the contributions were made, but only if the provider has not exercised the option mentioned in subsection 295-195(3) | The notice is received |
| 2A | CSF
*RSA provider |
A *roll-over superannuation benefit, to the extent that:
(a) the CSF or *RSA is a *successor fund; and (b) the benefit relates to a contribution that, before it was transferred to the successor fund, was covered by a valid and acknowledged notice given to any *superannuation provider under section 290-170 ; and (c) the contribution is reduced by a notice under section 290-180 received by the superannuation provider of the successor fund (whether or not the contribution has previously been reduced by a notice given to any superannuation provider under that section) |
The notice mentioned in paragraph (c) is received |
| 2B | CSF
*RSA provider |
A *roll-over superannuation benefit, to the extent that:
(a) the benefit is included in the assessable income of the CSF or RSA provider under item 2A of the table in subsection 295-190(1) ; and (b) the relevant contribution has been reduced by a notice under section 290-180 received by the *superannuation provider of the CSF or *RSA after it lodged its *income tax return for the income year in which the transfer occurred; and (c) the provider has not exercised the option mentioned in subsection 295-197(4) |
The notice mentioned in paragraph (b) is received |
| 3 | CSF
N-CSF CADF N-CADF |
A levy imposed by regulations under section 6 of the Superannuation (Financial Assistance Funding) Levy Act 1993 | The levy is incurred |
| 4 | Entity that is a N-CSF and has been since 1 July 1988, or since it came into existence if that was later | An amount paid to an entity who includes it in assessable income under section 290-100 | It is included in the entity ' s assessable income |
| 5 | CSF N-CSF | An amount paid by the *superannuation provider of the CSF or N-CSF to the extent:
(a) the amount is for a cost incurred because of the provision of personal advice (within the meaning of the Corporations Act 2001 ) to a member of the fund about the member ' s interest in the fund (regardless of whether that cost was incurred by the provider, the member or another entity); and (b) the amount is paid at the request, or with the consent, of the member; and (c) the provider has a copy of the written request or consent; and (d) the amount is not incurred in relation to gaining or producing the fund ' s *exempt income or *non-assessable non-exempt income |
The superannuation provider paid the amount |
295-490(2)
A fund cannot deduct an amount under item 3 of the table for a levy imposed by regulations under section 6 of the Superannuation (Financial Assistance Funding) Levy Act 1993 to the extent that: (a) the levy is remitted; or (b) there is a refund or other application of an overpayment of the levy.
295-490(3)
No other provision of this Act affects a fund ' s *income tax liability in relation to the levy.
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