EV 1051948195954currentnon-binding advice

Personal superannuation contributions deductible

Non-binding edited private advice. This is an edited version of private advice the ATO gave to a specific taxpayer about their own circumstances. You cannot rely on it — it is not binding and provides no protection for anyone else (see PS LA 2008/4). Use it as a guide to the ATO’s thinking, not as authority.

1

Have the requirements under section 290-170 of the Income Tax Assessment Act 1997 (ITAA 1997) for claiming a deduction for personal superannuation contributions been satisfied?

2

No. This ruling applies for the following period : Year ending 30 June 20XX The scheme commences on: 1 July 20XX

3

Client made personal contributions to a complying fund (Fund A) in the 20XX income year. Sometime in the 20XX income year the Client was made aware that they should have lodged a Notice of intent to claim a deduction for personal contributions form (NAT 71121) (NOI). The Client lodged his income tax return for the 20XX income year after 30 June 20XX.

4

Income Tax Assessment Act 1997 section 290-150 Income Tax Assessment Act 1997 section 290-155 Income Tax Assessment Act 1997 section 290-160 Income Tax Assessment Act 1997 section 290-165 Income Tax Assessment Act 1997 section 290-170 Summary The Client did not provide a valid notice of intent to deduct the contribution and did not receive acknowledgment of receipt of the notice. Hence, a deduction for the contribution cannot be claimed as the requirements under section 290-170 of the ITAA 1997 have not all been met. Detailed reasoning Personal superannuation contributions deductible An individual can claim a deduction for personal contributions made to a superannuation fund for the purpose of providing superannuation benefits for themselves under section 290-150 of the ITAA 1997, provided