INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 295 - Taxation of superannuation entities  

Subdivision 295-G - Deductions  

Other deductions

SECTION 295-490   Other deductions  

295-490(1)  


An entity can deduct amounts as set out in this table.


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:
 (i) a *successor fund; or
 (ii) a superannuation fund
  that is a continuing
  fund for the purposes
  of subsection
  311-10(3); and
(b) the benefit relates to a contribution that, before it was transferred to the successor fund or continuing 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 or continuing 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

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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