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  

SECTION 290-150   Personal contributions deductible  

290-150(1)  
You can deduct a contribution you make to a *superannuation fund, or an *RSA, for the purpose of providing *superannuation benefits for yourself (regardless whether the benefits are payable to your *SIS dependants if you die before or after becoming entitled to receive the benefits).

Note:

Other provisions of this Act and the Income Tax Assessment Act 1936 may reduce, increase or deny the deduction in certain circumstances. For example, see section 26-55 of this Act.

290-150(2)  


However, the conditions in sections 290-155 , 290-165 , 290-167 , 290-168 and 290-170 must also be satisfied for you to deduct the contribution.

290-150(3)  
You can deduct the contribution only for the income year in which you made the contribution.

290-150(4)  


If the contribution is attributable in whole or part to a *capital gain from a *CGT event:


(a) if you disregarded all or part of the capital gain from the CGT event under subsection 152-305(1) and you were under 55 just before you made the choice mentioned in that subsection - you cannot deduct the contribution to the extent that it is attributable to the capital gain; or


(b) if a company or trust disregarded all or part of the capital gain from the CGT event under subsection 152-305(2) and you were under 55 just before the contribution was made - you cannot deduct the contribution to the extent that it is attributable to the capital gain.


 

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