Edited version of private advice

Authorisation number: 7910161077376

Date of advice: 8 December 2023

Ruling

Subject: Personal superannuation contributions deduction

Question:

Are you eligible to claim a personal superannuation contributions deduction (PSCD) under section 290-170 of the Income Tax Assessment Act 1997 (ITAA 1997) for contributions made during the 2023-24 income year.

Answer:

You are eligible to claim the intended PSCD so long as you meet all requirements prescribed under subsection 290-170 of the ITAA 1997.

This private ruling applies for the following period:

Income year ending 30 June 20XX

The scheme commences on:

The scheme commences on 1 June 20XX.

Relevant facts and circumstances

This private ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are different from these facts, this private ruling has no effect, and you cannot rely on it. The fact sheet has more information about relying on your private ruling.

1.            You were born on XX/XX/XXXX

2.            Starting in the 20XX-XX income year, and continuing each year since, you made non-concessional contributions and claimed a personal superannuation contribution deduction in respect of these contributions.

3.            You intend to make one further contribution during the 20XX-XX income year and intend to claim a personal superannuation contribution deduction in respect of these contributions.

4.            You have made no withdrawals from your super fund account since retirement.

5.            During the 20XX-XX income year you intend to withdraw a lump sum payment of the balance of the super interest held by your super fund of approximately $XXXX.

Assumptions

No assumptions have been made.

Relevant legislative provisions

Income Tax Assessment Act 1997 section 290-150

Income Tax Assessment Act 1997 section 290-155

Income Tax Assessment Act 1997 section 290-170

Further issues for you to consider

We have limited our private ruling to the questions raised in your application. There may be related issues that you should consider, including:

•                     you must ensure you lodge the Notice of Intent (NOI) AND receive the acknowledgement from the super fund WHILE the contribution is still held in the super fund.

•                     once you have received the acknowledgement from the super fund, you can then withdraw the funds

•                     ensure you enter the PSCD into your Income Tax Return (ITR)

If you differ from this required sequence of events, the ATO has no discretion to allow an NOI to be lodged late, OR after the contributions have been released from the super fund.

Does Part IV apply to this private ruling?

As per paragraph [9] of Practice Statement Law Administration PS LA 2005/24: Application of General Anti-Avoidance Rules, if a taxpayer applies for a private ruling in respect of an arrangement, Tax Officers must consider whether or not Part IVA may apply to the arrangement based on the information provided in connection with the ruling application.

As per paragraph [12], if there is no reason to think, on the basis of the information provided in connection with the ruling application that Part IVA may apply, then any ruling that is given does not need to refer to Part IVA.

It is considered that your specific circumstances involve a straight-forward application of the law. Accordingly, there is no reason to think, on the basis of the information provided in connection with you ruling application, that Part IVA may apply in your case. On this basis, it has been determined that your question on whether Part IVA applies to this arrangement does not need to be addressed in the ruling.

For more information on Part IVA, go to our website ato.gov.au and enter 'part iva general' in the search box on the top right of the page, then select 'Part IVA: the general anti-avoidance rule for income tax'.