Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

PART 3-30 - SUPERANNUATION

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Division 295 - Taxation of superannuation entities

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Subdivision 295-G - Deductions

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Other deductions

SECTION 295-490 Other deductions

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295-490(1)

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An entity can deduct amounts as set out in this table.

Note:

For an explanation of the acronyms used, see section 295-35 .

Other deductions
Item	This entity:	Can deduct:	For the income year in which:
1	CSF N-CSF CADF N-CADF PST	An amount included in the entity ' s assessable income under Subdivision 295-C that is a * fringe benefit	The contribution is included in assessable income
2	CSF * RSA provider	Contributions made to the CSF or RSA to the extent they have been reduced by a notice under section 290-180 received by the superannuation provider of the CSF or RSA after it lodged its income tax return for the income year in which the contributions were made, but only if the provider has not* exercised the option mentioned in subsection 295-195(3)	The notice is received
2A	CSF *RSA provider	A roll-over superannuation benefit, to the extent that: (a) the CSF or RSA is a successor fund; and (b) the benefit relates to a contribution that, before it was transferred to the successor fund, was covered by a valid and acknowledged notice given to any superannuation provider under section 290-170 ; and (c) the contribution is reduced by a notice under section 290-180 received by the superannuation provider of the successor fund (whether or not the contribution has previously been reduced by a notice given to any superannuation provider under that section)	The notice mentioned in paragraph (c) is received
2B	CSF *RSA provider	A roll-over superannuation benefit, to the extent that: (a) the benefit is included in the assessable income of the CSF or RSA provider under item 2A of the table in subsection 295-190(1) ; and (b) the relevant contribution has been reduced by a notice under section 290-180 received by the superannuation provider of the CSF or RSA after it lodged its income tax return for the income year in which the transfer occurred; and (c) the provider has not exercised the option mentioned in subsection 295-197(4)	The notice mentioned in paragraph (b) is received
3	CSF N-CSF CADF N-CADF	A levy imposed by regulations under section 6 of the Superannuation (Financial Assistance Funding) Levy Act 1993	The levy is incurred
4	Entity that is a N-CSF and has been since 1 July 1988, or since it came into existence if that was later	An amount paid to an entity who includes it in assessable income under section 290-100	It is included in the entity ' s assessable income

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History

S 295-490(1) amended by No 89 of 2013, s 3 and Sch 1 item 22, by substituting table item 2A, effective 2 July 2019. For application provision, see note under s 295-190(1) . Table item 2A formerly read:

2A CSF
* RSA provider A * roll-over superannuation benefit, to the extent that:
(a) the CSF or * RSA is:
(i) a * successor fund; or
(ii) a superannuation fund
that is a continuing
fund for the purposes
of subsection
311-10(3); and
(b) the benefit relates to a contribution that, before it was transferred to the successor fund or continuing fund, was covered by a valid and acknowledged notice given to any * superannuation provider under section 290-170; and
(c) the contribution is reduced by a notice under section 290-180 received by the superannuation provider of the successor fund or continuing fund (whether or not the contribution has previously been reduced by a notice given to any superannuation provider under that section) The notice mentioned in paragraph (c) is received

S 295-490(1) amended by No 21 of 2015, s 3 and Sch 7 item 17, by substituting " subsection 295-190(1) " for " subsection 295-490(1) " , applicable in relation to:

(a) notices given under section 290-170 of the Income Tax Assessment Act 1997 on or after 20 March 2015; and

(b) notices of variation given under section 290-180 of that Act on or after 20 March 2015 (whether the notices being varied were given before, on or after 20 March 2015).

S 295-490(1) amended by No 89 of 2013, s 3 and Sch 1 item 11, by substituting table item 2A, applicable to income years that include 1 July 2013, and to later income years. Table item 2A formerly read:

2A CSF
*RSA provider A *roll-over superannuation benefit, to the extent that:
(a) the CSF or *RSA is a *successor fund; and
(b) the benefit relates to a contribution that, before it was transferred to the successor fund, was covered by a valid and acknowledged notice given to any *superannuation provider under section 290-170; and
(c) the contribution is reduced by a notice under section 290-180 received by the superannuation provider of the successor fund (whether or not the contribution has previously been reduced by a notice given to any superannuation provider under that section) The notice mentioned in paragraph (c) is received

S 295-490(1) amended by No 117 of 2010, s 3 and Sch 4 items 15 and 16, by substituting cell at table item 2, column headed " Can deduct: " and inserting table items 2A and 2B, applicable in relation to:

(a) notices given under section 290-170 of the Income Tax Assessment Act 1997 on or after 17 November 2010; and

(b) notices of variation given under section 290-180 of that Act on or after 17 November 2010 (whether the notices being varied were given before, on or after 17 November 2010).

The cell formerly read:

Contributions to the extent they have been reduced by a notice under section 290-180 received by the * superannuation provider after it lodged its * income tax return for the income year in which the contributions were made, but only if the provider has not exercised the option mentioned in subsection 295-195(3)

295-490(2)
A fund cannot deduct an amount under item 3 of the table for a levy imposed by regulations under section 6 of the Superannuation (Financial Assistance Funding) Levy Act 1993 to the extent that:

(a) the levy is remitted; or

(b) there is a refund or other application of an overpayment of the levy.

295-490(3)

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No other provision of this Act affects a fund ' s *income tax liability in relation to the levy.

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