Taxation Laws Amendment (Superannuation) Act 1993 (7 of 1993)


Division 3   Amendments relating to notification requirements for superannuation contributions

6   Deductions for superannuation contributions by eligible persons

Section 82AAT of the Principal Act is amended by omitting subsections (1) to (1D) (inclusive) and substituting the following subsections:

"(1) A person who has made a contribution to a fund during a year of income is entitled to an allowable deduction for the contribution in the person's assessment for the year of income if all the following conditions are met:

(a) the person is an eligible person in relation to the year of income;

(b) the person made the contribution in order to obtain superannuation benefits for the person or for dependants of the person in the event of the person's death;

(c) the fund is a complying superannuation fund for the fund's year of income in which the person made the contribution;

(d) the person has given a notice under subsection (1A) in respect of the contribution and the trustee of the fund has acknowledged that notice under subsection (1A).

The deduction cannot be more than the amount covered by the notice under subsection (1A), and is also subject to the limits in subsection (2).

"(1A) A person who is making or has made a contribution to a fund may give a written notice to the trustee of the fund, stating that the person intends to claim a deduction under this section for the whole or a specified part of the contribution. The trustee must, without delay, give the person a notice acknowledging receipt of the person's notice.

"(1B) The following restrictions apply to notices under subsection (1A):

(a) a person cannot give a notice that covers the whole or any part of an amount covered by a previous notice;

(b) a person cannot give a notice to the trustee of a fund after the person has ceased to be a member of the fund;

(c) a person cannot revoke or withdraw a notice (but may vary it under subsection (1C)).

"(1C) A person may at any time give written notice to the trustee of a fund reducing the amount covered by a notice under subsection (1A), but not below the amount that has been allowed as a deduction to the person under this section for contributions covered by the notice.

"(1D) Notices under this section must be given in the form and manner approved by the Commissioner in writing for the purposes of this section.

"(1E) A person is not entitled to a deduction under this section for a contribution unless the person receives the acknowledgment mentioned in subsection (1A) before the Commissioner makes the relevant assessment.

However, if the person later receives the acknowledgment, the Commissioner may amend the assessment to allow the deduction.".