Show download pdf controls
  • L Other deductions

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    Show at L the total amount of all other deductions that do not fall into any of the other categories shown in section C Deductions.

    Deductions that are specifically allowable for your superannuation activities include amounts in the following 10 categories.

    Exclusion of personal contributions

    A complying fund can deduct an amount of personal contributions, to the extent the contributor's deduction for personal contributions has been reduced by a notice under section 290-180 of the ITAA 1997.

    Generally, the deduction is allowed in the year in which the notice is received. However, if the notice is received after the fund has lodged its tax return and the fund is unable to utilise the deduction fully in the year in which the notice is received (for example, if that year's taxable income is exceeded by the deduction, or the fund would lose the benefit of franking credits), the fund can amend the assessment of the earlier year in which the contribution was made (subsection 295-195(3) of the ITAA 1997).

    Forex losses

    Show at L any deductible foreign exchange losses made by the fund that have not been included at any other category - see Foreign exchange (Forex) gains and losses.

    Last modified: 13 Feb 2019QC 22855