INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 290 - Contributions to superannuation funds  

Subdivision 290-C - Deducting personal contributions  

Conditions for deducting a personal contribution

SECTION 290-180   Notice may be varied but not revoked or withdrawn  

290-180(1)  
You cannot revoke or withdraw a valid notice in relation to the contribution (or a part of the contribution).

290-180(2)  
You can vary a valid notice, but only so as to reduce the amount stated in relation to the contribution (including to nil). You do so by giving notice to the trustee or the *RSA provider in the *approved form.

290-180(3)  
However, you cannot vary a valid notice after:

(a) if you have lodged your *income tax return for the income year in which the contribution was made on a day before the end of the next income year - the end of that day; or

(b) otherwise - the end of the next income year.

290-180(3A)  

The variation is not effective if, when you make it:

(a) you were not a member of the fund or the holder of the *RSA; or

(b) the trustee or *RSA provider no longer holds the contribution; or

(c) the trustee or RSA provider has begun to pay a *superannuation income stream based in whole or part on the contribution.

290-180(4)  
Subsection (3) does not apply to a variation if:

(a) you claimed a deduction for the contribution (or a part of the contribution); and

(b) the deduction is not allowable (in whole or in part); and

(c) the variation reduces the amount stated in relation to the contribution by the amount not allowable as a deduction. Application to successor funds

290-180(5)  

Subsections (2) and (3A) apply as if:

(a) the reference in subsection (3A) to the fund or *RSA were a reference to a *successor fund; and

(b) references in those subsections to the trustee or *RSA provider were references to the trustee or RSA provider of the successor fund;

if, after a valid notice is given under section 290-170 in relation to the contribution, all of the *superannuation interest to which the notice relates is transferred to the successor fund.

Amounts transferred to a MySuper product in another complying superannuation fund

290-180(6)  

If:

(a) under an * arrangement, the fund (the original fund ) transfers an * accrued default amount of a member (within the meaning of the Superannuation Industry (Supervision) Act 1993 ):

(i) as a result of an election made under paragraph 29SAA(1)(b) of that Act; or

(ii) under section 388 of that Act;

to another superannuation fund that is a continuing fund for the purposes of subsection 311-10(3) ; and

(b) the arrangement takes effect after a valid notice is given under section 290-170 ; and

(c) you are a member (within the meaning of that Act) of the continuing fund immediately after the arrangement takes effect; and

(d) you seek to vary the valid notice after you cease to be a member (within the meaning of that Act) of the original fund;

then subsections (2) and (3A) apply as if references in those subsections to the original fund (or the trustee of the original fund) were references to the continuing fund (or the trustee of the continuing fund).