Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p44
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 44/80)
Character Range: 4451566–4454444

Section 26‑95 restricts deductions for charges imposed by the Superannuation Guarantee Charge Act 1992.
 (2) However, this section does not apply to such a contribution that is made during the amnesty period (within the meaning of subsection 74(3) of the Superannuation Guarantee (Administration) Act 1992), to the extent that the charge relates to a *superannuation guarantee shortfall for which you qualify for an amnesty under section 74 of that Act.

Returned contributions

290‑100  Returned contributions assessable
 (1) Your assessable income includes a payment, or the value of a benefit, you receive in the income year so far as it reasonably represents the direct or indirect return of:
 (a) a contribution for which you or another entity have deducted or can deduct an amount for any income year; or
 (b) earnings on a contribution of that kind.
Note: An example of an indirect return of a contribution is if the fund to which it was made transfers to another fund assets that include the contribution, and the other fund returns the contribution to the person who made it.
 (2) Subsection (1) does not apply if you receive the payment, or the value of the benefit, as a *superannuation benefit.

Subdivision 290‑C—Deducting personal contributions

Table of sections
290‑150 Personal contributions deductible

Conditions for deducting a personal contribution
290‑155 Complying superannuation fund condition
290‑165 Age‑related conditions
290‑167 Contribution must not be a downsizer contribution
290‑168 Contribution must not be a re‑contribution under the first home super saver scheme
290‑169 Contribution must not be a COVID‑19 re‑contribution
290‑170 Notice of 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290‑180 Notice may be varied but not revoked or withdrawn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, 290‑165, 290‑167, 290‑168, 290‑169 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.
 (4) If the contribution is attributable in whole or part to a *capital gain from a *CGT event:
 (a) if you disregarded all or part of the capital gain from the CGT event under subsection 152‑305(1) and you were under 55 just before you made the choice mentioned in that subsection—you