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 290-170   Notice of intent to deduct conditions  

Deductibility of contributions

290-170(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. Validity of notices

290-170(2)  
The notice is not valid if at least one of these conditions is satisfied:


(a) the notice is not in respect of the contribution;


(b) the notice includes all or a part of an amount covered by a previous notice;


(c) when you gave the notice:


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

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

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


(d) before you gave the notice:


(i) you had made a contributions-splitting application (within the meaning given by the regulations) in relation to the contribution; and

(ii) the trustee or RSA provider to which you made the application had not rejected the application.
Acknowledgment of notice

290-170(3)  
The trustee or provider must, without delay, give you an acknowledgment of a valid notice, subject to subsection (4).

290-170(4)  


The trustee or provider may refuse to give you an acknowledgment of receipt of a valid notice if the *value of the *superannuation interest to which the notice relates, at the end of the day on which the trustee or *RSA provider received the notice, is less than the tax that would be payable in respect of your contribution (or part of the contribution) if the trustee or provider were to acknowledge receipt of the notice. Application to successor funds

290-170(5)  


Subsections (1) to (4) and section 290-180 apply as if:


(a) references in those provisions to the fund or *RSA were references to a *successor fund; and


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

if:


(c) after making your contribution, all of the *superannuation interest to which the notice relates is transferred to the successor fund; and


(d) you have not previously given a valid notice under this section to any *superannuation provider in relation to the contribution.

Amounts transferred to a MySuper product in another complying superannuation fund

290-170(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 the making of your contribution; 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 did not give a notice under subsection (1) in relation to the contribution while you were a member (within the meaning of that Act) of the original fund;

then subsections (1) to (4) of this section, and section 290-180, apply as if references in those provisions to the original fund (or the trustee of the original fund) were references to the continuing fund (or the trustee of the continuing fund).


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