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Edited version of private advice

Authorisation Number: 1052362901097

Date of advice: 3 March 2025

Ruling

Subject: Personal super contribution deduction

Question

Are you eligible to claim a personal superannuation contributions deduction (PSCD) under section 290-150 of the Income Tax Assessment Act 1997 (ITAA 1997) in the 20XX financial year for contributions received by the fund in the 20XX financial year?

Answer

No.

This ruling applies for the following period:

1 July 20XX to 30 June 20XX

The scheme commenced on:

1 July 20XX

Relevant facts and circumstances

•                     On 28 June 20XX, you made a bank transfer of $XX,XXX to your superannuation fund. You intended to claim this as personal super contribution deduction in the 20XX financial year. You assumed the transfer would be immediate and would be received by the fund before 30 June 20XX.

•                     On 1 July 20XX, your fund received your contribution.

•                     On 4 July 20XX, you contacted your fund and asked what could be done to enable you to claim the contribution as a deduction, in the 20XX income year, as was intended.

•                     Your fund responded to your enquiry and advised that they can only honour payments made before 5pm 28 June 20XX as being part of the 20XX financial year. Your fund advised that under superannuation legislation, they are unable to backdate any contributions.

•                     On 18 November 20XX you applied for a private ruling.

Relevant legislative provisions

Income Tax Assessment Act 1997 section 290-150

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

Section 290-150 of the Income Tax Assessment Act 1997 (ITAA 1997) states that you can deduct a personal superannuation contribution that you make to a complying fund, for the purposes of providing superannuation benefits for yourself, if you satisfy all conditions in section 290-165, 290-167, 290-168, 290-169, and 290-170.

Section 290-150(3) of the ITAA states:

•                     You can deduct the contribution only for the income year in which you made the contribution.

Taxation Ruling TR 2010/1 Income tax: superannuation contributions (TR 2010/1) explains when a contribution is made.

Paragraph 13 of TR 2010/1 summarises the ways in which funds are typically transferred and when a contribution is made. If funds are transferred electronically to the superannuation provider, a contribution is made when the funds are credited to the superannuation provider's account.

Based on the information you have provided; you are unable to claim PSCD in the 20XX financial year as your superannuation fund, received the contribution in the 20XX financial year.

The Commissioner of Taxation does not have any discretion or administrative authority to change or disregard the prescribed requirements.

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