Income Tax Assessment Act 1997
View history note
Hide history noteDiv 26 heading substituted by No 121 of 1997.
You can only deduct under this Act a * financing cost connected with a contribution you make to a * superannuation plan if you can deduct the contribution under Subdivision 290-B .
26-80(2)
A financing cost connected with a contribution is expenditure incurred to the extent that it relates to obtaining finance to make the contribution, including:
(a) interest, and payments in the nature of interest; and
(b) expenses of borrowing.
S 26-80 substituted by No 15 of 2007, s 3 and Sch 1 item 179, applicable to the 2007-2008 income year and later years. S 26-80 formerly read:
S 26-80(2) amended by No 147 of 2005, s 3 and Sch 7 item 14, by substituting para (b), applicable to payments made on or after the first day of the first quarter after the quarter in which this Act receives the Royal Assent
[
ie 14 December 2005
]
. No 147 of 2005, s 3 and Sch 7 item 19, contains the following provision: Para (b) formerly read: S 26-80(3) amended by No 93 of 2004 and No 92 of 2004. However, you can only deduct the amount of the contribution that is actually required by the industrial award, determination or notional agreement preserving State awards. An industrial agreement, such as an Australian Workplace Agreement, Collective Agreement or preserved State agreement under the
Workplace Relations Act 1996
, is not an award or determination.
SECTION 26-80 Contributions to complying superannuation funds or RSAs
26-80(1)
You cannot deduct under this Act an amount you pay as a contribution to a
*
complying superannuation fund or
*
RSA except as provided by this section.
Contributions in respect of those who are less than 70 years old
26-80(2)
You can deduct an amount under section
82AAC
of the
Income Tax Assessment Act 1936
if:
(a)
you are entitled to the deduction under that section; and
(b)
you pay the contribution in respect of the other person on or before the day that is 28 days after the end of the month in which the other person turns 70 years old.
Previous interpretation preserved
19
The amendment is not to be taken to affect by implication the interpretation of a provision amended at a time before commencement.
(b)
you pay the contribution in respect of an eligible employee (within the meaning of section 82AAA of that Act) on or before the day that is 28 days after the end of the month in which the employee turns 70 years old.
26-80(3)
You can deduct an amount under section
82AAT
of the
Income Tax Assessment Act 1936
if:
(a)
you are entitled to the deduction under that section; and
(aa)
if you were under the age of 18 at the end of the income year
-
you
*
derived:
(i)
income from the carrying on of a business (where
business
has the meaning given by subsection
6(1)
of the
Income Tax Assessment Act 1936
); or
(ii)
income from eligible employment (where
eligible employment
has the meaning given by subsection
82AAS(1)
of the
Income Tax Assessment Act 1936
); and
(b)
you pay the contribution on or before the day that is 28 days after the end of the month in which you turn 70 years old; and
(c)
you are not entitled to a Government co-contribution payable under the
Superannuation (Government Co-contribution for Low Income Earners) Act 2003
in respect of the contribution.
Contributions in respect of those who are 70 years or more
26-80(4)
You can deduct an amount under section
82AAC
of the
Income Tax Assessment Act 1936
if:
(a)
you are entitled to the deduction under that section; and
(b)
you pay the contribution in respect of another person after the day referred to in paragraph (2)(b); and
(c)
you are required to pay the contribution by an industrial award, determination or notional agreement preserving State awards (within the meaning given by Schedule 8 to the
Workplace Relations Act 1996
) that is in force under an
*
Australian law.
Note:
S 26-80(4) amended by SLI No 50 of 2006, reg 3 and Sch 51 items 1 to 3, by substituting " an industrial award, determination or notional agreement preserving State awards (within the meaning given by Schedule 8 to the Workplace Relations Act 1996 ) " for " an industrial award or determination " in para (c), substituting " the industrial award, determination or notional agreement preserving State awards. " for " the industrial award or determination. " and substituting " an Australian Workplace Agreement, Collective Agreement or preserved State agreement under the Workplace Relations Act 1996 , " for " an Australian Workplace Agreement or a Certified Agreement, " in the note, effective 27 March 2006.
S 26-80(4) amended by No 147 of 2005, s 3 and Sch 7 item 15, by substituting " another person " for " an eligible employee (within the meaning of section 82AAA of that Act) " in para (b), applicable to payments made on or after the first day of the first quarter after the quarter in which this Act receives the Royal Assent [ ie 14 December 2005 ] . No 147 of 2005, s 3 and Sch 7 item 19, contains the following provision:
Previous interpretation preserved
19
The amendment is not to be taken to affect by implication the interpretation of a provision amended at a time before commencement.
26-80(5)
You can deduct an amount under section 82AAC of the Income Tax Assessment Act 1936 if:
(a) you are entitled to the deduction under that section; and
(b) you pay the contribution in respect of another person after the day referred to in paragraph (2)(b); and
(c) the contribution reduces your charge percentage in respect of the other person under section 22 or 23 of the Superannuation Guarantee (Administration) Act 1992 .
S 26-80(5) amended by No 147 of 2005, s 3 and Sch 7 items 15 and 16, by substituting " another person " for " an eligible employee (within the meaning of section 82AAA of that Act) " in para (b) and substituting " other person " for " employee " in para (c), applicable to payments made on or after the first day of the first quarter after the quarter in which this Act receives the Royal Assent [ ie 14 December 2005 ] . No 147 of 2005, s 3 and Sch 7 item 19, contains the following provision:
Previous interpretation preserved
19
The amendment is not to be taken to affect by implication the interpretation of a provision amended at a time before commencement.
26-80(6)
If both subsections (4) and (5) potentially apply in respect of the deduction, you can choose which of those subsections actually applies.
S 26-80 inserted by No 51 of 2002.