Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p10
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 10/37)
Character Range: 418063–420809

290‑B.
 (2) A financing cost connected with a contribution is expenditure incurred to the extent that it relates to obtaining finance to make the contribution, including:
 (a) interest, and payments in the nature of interest; and
 (b) expenses of borrowing.

26‑85  Borrowing costs on loans to pay life insurance premiums
 (1) You can only deduct under this Act interest on, or other expenses associated with, money you borrow to pay a premium for a *life insurance policy if:
 (a) the *risk component of the premium received by the insurer is the entire amount of the premium; and
 (b) each amount the insurer is liable to pay under the policy would be included in your assessable income if it were paid.
 (2) The risk component of a premium for a *life insurance policy means the amount of the premium worked out on the basis specified in the regulations.

26‑90  Superannuation supervisory levy
  You cannot deduct under this Act so much of a levy imposed by the Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Act 1991 as represents the late lodgment amount (within the meaning of section 6 of that Act).

26‑95  Superannuation guarantee charge
 (1) You cannot deduct under this Act a charge imposed by the Superannuation Guarantee Charge Act 1992.
 (2) However, if the charge relates to a *superannuation guarantee shortfall for which you qualify for an amnesty under section 74 of the Superannuation Guarantee (Administration) Act 1992, this section does not apply to a payment that:
 (a) is made, under that Act, during the amnesty period (within the meaning of subsection 74(3) of that Act); and
 (b) is made in relation to the charge, whether or not the Commissioner applies the payment to satisfy your liability to pay the charge;
except to the extent that the payment, when taken together with any other such payments made in relation to the charge, exceeds the amount paid as a result of a disclosure to which paragraph 74(1)(a) of that Act applies in relation to the shortfall.

26‑96  Laminaria and Corallina decommissioning levy cannot be deducted
  You cannot deduct under this Act an amount of *Laminaria and Corallina decommissioning levy that you pay.

26‑97  National Disability Insurance Scheme expenditure
  A participant (within the meaning of the National Disability Insurance Scheme Act 2013) cannot deduct under this Act a loss or outgoing to the extent the loss or outgoing is funded (including funded by way of reimbursement) by an *NDIS amount the participant *derives.

26‑98  Division 293 tax cannot be deducted
  You cannot deduct under this Act any of the following:
 (a) an amount of *Division 293 tax that you pay;
 (b) an amount of *debt account discharge liability that you pay.