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INCOME TAX ASSESSMENT ACT 1997 - SECT 295.490

Other deductions

             (1)  An entity can deduct amounts as set out in this table.

Note:          For an explanation of the acronyms used, see section 295- 35.

 

Other deductions

Item

This entity:

Can deduct:

For the income year in which:

1

CSF

N-CSF

CADF

N-CADF

PST

An amount included in the entity's assessable income under Subdivision  295 -C that is a * fringe benefit

The contribution is included in assessable income

2

CSF

* RSA provider

Contributions made to the CSF or * RSA to the extent they have been reduced by a notice under section 290-180 received by the * superannuation provider of the CSF or RSA after it lodged its * income tax return for the income year in which the contributions were made, but only if the provider has not exercised the option mentioned in subsection 295-195(3)

The notice is received

2A

CSF

* RSA provider

A * roll-over superannuation benefit, to the extent that:

(a) the CSF or * RSA is a * successor fund; and

(b) the benefit relates to a contribution that, before it was transferred to the successor fund, was covered by a valid and acknowledged notice given to any * superannuation provider under section 290-170; and

(c) the contribution is reduced by a notice under section 290-180 received by the superannuation provider of the successor fund (whether or not the contribution has previously been reduced by a notice given to any superannuation provider under that section)

The notice mentioned in paragraph (c) is received

2B

CSF

* RSA provider

A * roll-over superannuation benefit, to the extent that:

(a) the benefit is included in the assessable income of the CSF or RSA provider under item 2A of the table in subsection 295-190(1); and

(b) the relevant contribution has been reduced by a notice under section 290-180 received by the * superannuation provider of the CSF or * RSA after it lodged its * income tax return for the income year in which the transfer occurred; and

(c) the provider has not exercised the option mentioned in subsection 295-197(4)

The notice mentioned in paragraph (b) is received

3

CSF

N-CSF

CADF

N-CADF

A levy imposed by regulations under section 6 of the Superannuation (Financial Assistance Funding) Levy Act 1993

The levy is incurred

4

Entity that is a N-CSF and has been since 1 July 1988, or since it came into existence if that was later

An amount paid to an entity who includes it in assessable income under section 290-100

It is included in the entity's assessable income

             (2)  A fund cannot deduct an amount under item 3 of the table for a levy imposed by regulations under section 6 of the Superannuation (Financial Assistance Funding) Levy Act 1993 to the extent that:

                     (a)  the levy is remitted; or

                     (b)  there is a refund or other application of an overpayment of the levy.

             (3)  No other provision of this Act affects a fund's income tax liability in relation to the levy.

Certain amounts cannot be deducted



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