(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 cannot deduct the contribution to the extent that it is attributable to the capital gain; or
(b) if a company or trust disregarded all or part of the capital gain from the CGT event under subsection 152-305(2) and you were under 55 just before the contribution was made--you cannot deduct the contribution to the extent that it is attributable to the capital gain.
Conditions for deducting a personal contribution