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Edited version of private advice
Authorisation Number: 1051934744327
Date of advice: 21 December 2021
Subject: Deductibility of personal superannuation contributions
Can you claim a tax deduction for your personal superannuation contributions made under section 290-150 of the Income Tax Assessment Act 1997 (ITAA 1997)?
This ruling applies for the following period:
Year ending 30 June 20xx
The scheme commences on:
1 July 20xx
Relevant facts and circumstances
In YYYY financial year you made a $xxxx voluntary superannuation contribution in to your superannuation account.
In your private binding ruling application, you advised that you did not lodge the required Notice of intent to claim or vary a deduction for personal contributions form (NAT 71121) prior to 30 June 20xx
As you did not lodge the required form, your superannuation fund has not issued you with an acknowledgement letter prior to 30 June 20xx or the lodgement of your 20xx income tax return
Relevant legislative provisions
Income Tax Assessment Act 1997 section 290-150
Income Tax Assessment Act 1997 section 290-170
Reasons for decision
Section 290-150 of the ITAA 1997 states that you can deduct a contribution you make to a superannuation fund or a retirement savings account for the purposes of providing superannuation benefits for yourself, in the income year that the contribution was made, provided all of the following conditions are satisfied:
• the complying superannuation fund conditions under section 290-155 of the ITAA 1997;
• if applicable, the maximum earnings as employee condition under section 290-160 of the ITAA 1997;
• the condition that a contribution is not a downsizer contribution under section 290-167 of ITAA 1997;
• the condition that a contribution is not a re-contribution under first home super saver scheme under section 290-168 of the ITAA 1997;
• the condition that a contribution is not a re-contribution of a COVID-19 early release amount under section 290-169 of the ITAA 1997;
• age-related conditions under section 290-165 of the ITAA 1997; and
• the notice of intent to deduct conditions under section 290-170 of the ITAA 1997.
Section 290-170 of the ITAA 1997 relevantly states:
(1) To deduct the contribution, or a part of the contribution:
(a) you must give to the trustee of the fund or the RSA provider a valid notice, in the approved form, of your intention to claim the deduction; and
(b) the notice must be given before:
(i) 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
(ii) otherwise - the end of the next income year; and
(c) the trustee or provider must have given you an acknowledgment of receipt of the notice.
To claim a tax deduction, you must give the trustee of the fund a notice of intent before you lodged your income return on DD MM YYYY. You failed to meet the condition under paragraph 290-170(1)(b) of ITAA 1997, and therefore section 290-150 of ITAA 1997 does not apply. As a result, you cannot claim a tax deduction for your superannuation contributions made in the 20xx income year