Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_1:p8
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 8/29)
Character Range: 26745–29506

intent to deduct conditions
290‑175 Deduction limited by amount specified in notice
290‑180 Notice may be varied but not revoked or withdrawn

290‑150  Personal contributions deductible

 (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.

 (2) However, the conditions in sections 290‑155, 290‑160, 290‑165 and 290‑170 must also be satisfied for you to deduct the contribution.

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

Conditions for deducting a personal contribution

290‑155  Complying superannuation fund condition

  If the contribution is made to a *superannuation fund, it must be a *complying superannuation fund for the income year of the fund in which you made the contribution.

290‑160  Maximum earnings as employee condition

 (1) This section applies if:
 (a) in the income year in which you make the contribution, you engage in any of these activities:
 (i) holding an office or appointment;
 (ii) performing functions or duties;
 (iii) engaging in work;
 (iv) doing acts or things; and
 (b) the activities result in you being treated as an employee for the purposes of the Superannuation Guarantee (Administration) Act 1992 (assuming that subsection 12(11) of that Act had not been enacted).

 (2) To deduct the contribution, less than 10% of the total of the following must be attributable to the activities:
 (a) your assessable income for the income year;
 (b) your *reportable fringe benefits total for the income year.

290‑165  Age‑related conditions

 (1) If you were under the age of 18 at the end of the income year in which you made the contribution, you must have *derived income in the income year:
 (a) from the carrying on of a *business; or
 (b) attributable to activities covered by subsection 290‑160(1).

 (2) In any other case, you must have made the contribution on or before the day that is 28 days after the end of the month in which you turn 75.

290‑170  Notice of intent to deduct conditions

Deductibility of contributions

 (1) To deduct the contribution, or a part of the contribution:
 (a) you must give to the trustee of the fund or the *RSA provider a valid notice, in the *approved form, of your intention to claim the deduction; and
 (b) the notice must be given before:
 (i) if you have lodged your *income tax return for