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SECTION 290-180   Notice may be varied but not revoked or withdrawn  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

290-180(6)  
(Repealed by No 89 of 2013)


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