Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

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History

Part 3-30 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.

Division 280 - Guide to the superannuation provisions  

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History

Div 280 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.

Contributions phase  

SECTION 280-10   Contributions phase - deductibility  

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Contributions that can be deducted

280-10(1)    

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Employers can usually deduct contributions they make in respect of their employees. Individuals can usually deduct contributions they make in respect of themselves to most complying superannuation funds.

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History

S 280-10(1) amended by No 81 of 2016, s 3 and Sch 5 item 1, by substituting " to most complying superannuation funds " for " if less than 10% of their total assessable income (plus reportable fringe benefits) for the income year is attributable to employment or similar activities " , effective 1 January 2017 and applicable in relation to contributions made in the 2017-18 income year and later income years.

Other contributions cannot be deducted

280-10(2)    

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Other contributions cannot be deducted. These include contributions made by others in respect of individuals (such as contributions by a spouse or family member, or Government co-contributions).

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History

S 280-10(2) amended by No 81 of 2016, s 3 and Sch 5 item 2, by substituting " contributions made by others in respect of individuals " for " personal contributions made by individuals whose employment income is 10% or more of their total income, and contributions made by others in respect of them " , effective 1 January 2017 and applicable in relation to contributions made in the 2017-18 income year and later income years.

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History

S 280-10 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.

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