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Edited version of private advice

Authorisation Number: 1052015637824

Date of advice: 11 August 2022

Ruling

Subject: Deductibility of personal superannuation contributions

Question

Can you claim a deduction in respect of a personal superannuation contribution made to a complying superannuation fund in the YYYY income year under section 290-150 of the Income Tax Assessment Act 1997 (ITAA 1997)?

Answer

Yes.

This ruling applies for the following period:

Year ended 30 June YYYY.

The scheme commences on:

1 July YYYY.

Relevant facts and circumstances

In the YYYY income year, you were XX years of age.

In the YYYY income year, you have provided the amount of income you received.

In the YYYY income year, you made a contribution to your complying superannuation fund.

You further advised that your intention in making this personal contribution was to top up your superannuation from your personal savings.

The contribution was not a recontribution under the First Home Super Saver Scheme.

The contribution was not a COVID-19 recontribution.

The contribution was not a downsizer contribution.

You have provided a notice of intent to deduct contributions to your superannuation fund.

You have received an acknowledgement from your superannuation fund of their receipt of your notice of intent.

You have not submitted your YYYY income tax return.

Relevant legislative provisions

Income Tax Assessment Act 1997 Section 290-150

Income Tax Assessment Act 1997 Section 290-155

Income Tax Assessment Act 1997 Section 290-165

Income Tax Assessment Act 1997 Section 290-167

Income Tax Assessment Act 1997 Section 290-168

Income Tax Assessment Act 1997 Section 290-169

Income Tax Assessment Act 1997 Section 290-170

Reasons for decision

Summary

You are able to claim a deduction for your personal superannuation contribution.

Detailed reasoning

A person can claim a deduction for personal contributions made to their superannuation fund for the purpose of providing superannuation benefits to themselves under section 290-150 of the Income Tax Assessment Act 1997 (ITAA 1997). However, the conditions in sections 290-155, 290-165, 290-167, 290-168, 290-169 and 290-170 of the ITAA 1997 must be also be satisfied for the person to claim the deduction.

Section 290-155 of the ITAA 1997 states that the superannuation fund must be a complying superannuation fund for the income year in which the contribution was made.

Section 290-165 of the ITAA 1997 outlines the age-related conditions that have to be met.

Section 290-167 of the ITAA 1997 states that the contribution must not be a downsizer contribution.

Section 290-168 of the ITAA 1997 states that the contribution must not be a re-contribution under the First Home Super Saver Scheme.

Section 290-169 of the ITAA 1997 states that the contribution must not be a COVID-19 re-contribution.

Section 290-170 of the ITAA 1997 requires a person to provide a valid notice of their intention to claim the deduction to the trustee of their superannuation fund. This notice of intent must be made before either the date on which you lodged your individual tax return for the income year in which the contribution was made or the end of the income year following the income year in which the contribution was made, whichever comes earlier. Further, the trustee of your superannuation fund must provide you with an acknowledgement of a valid notice of intent.

Legislative conditions

In this case, you have made a personal contribution made to your superannuation fund for the purpose of providing superannuation benefits to yourself.

You have made a personal contribution to a complying superannuation fund. All conditions under section 295-155 of the ITAA 1997 have been satisfied.

The age-related conditions under section 290-165 of the ITAA 1997 apply to individuals under 18 years, between 67 and 75 years, or above 75 years. As you were XX years old during the YYYY income year, none of these conditions apply to you. Therefore, you have satisfied the conditions under section 290-165 of the ITAA 1997.

Sections 290-167, 290-168 and 290-169 of the ITAA 1997 state that the contribution must not be a downsizer contribution or a recontribution under either the First Home Super Saver or COVID-19 respectively. You have advised that your contribution was not a contribution or recontribution under any of these circumstances, and so you have satisfied the conditions under each of these sections.

You have provided a valid notice of intent to claim a deduction to your superannuation fund, and have received acknowledgement from them. Further, all conditions under section 290-170 of the ITAA 1997 have been satisfied.

You have therefore met all of the required conditions to claim a deduction for personal superannuation contributions under section 290-150 of the ITAA 1997.

Conclusion

As you have met all of the requirements under section 290-150 of the ITAA 1997, you may claim a deduction for the personal contribution you made to your superannuation fund during the YYYY income year.