Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 295 - Taxation of superannuation entities  

Subdivision 295-C - Contributions included  

Personal contributions and roll-over amounts

SECTION 295-195   Exclusion of personal contributions - contributions  

Variation notice received before return lodged

295-195(1)  


A contribution is not included in the assessable income of a *complying superannuation fund or *RSA provider under item 1 of the table in subsection 295-190(1) to the extent that it has been reduced by a notice under section 290-180 if the notice is received by the *superannuation provider before it has lodged its *income tax return for the income year in which the contribution was made. Variation notice received after return lodged

295-195(2)  


A contribution is not included in the assessable income of a *complying superannuation fund or *RSA provider under item 1 of the table in subsection 295-190(1) for the income year in which the contribution was made to the extent that it has been reduced by a notice under section 290-180 if:


(a) the notice is received by the *superannuation provider after it has lodged its *income tax return for the income year; and


(b) the provider exercises the option mentioned in subsection (3).

295-195(3)  
An amount referred to in subsection (2) may, at the option of the provider, be excluded from the assessable income of the fund or *RSA provider for the income year referred to in subsection (2) if excluding it would result in a greater reduction in tax for that year than the reduction that would occur for the income year in which the notice is received if a deduction were allowed under item 2 of the table in subsection 295-490(1) .

Note:

The exclusion is an alternative to the fund deducting the amount under item 2 of the table in subsection 295-490(1) .


 

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