Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 295.195

Variation notice received before return lodged

  (1)   A contribution is not included in the assessable income of a * complying superannuation fund or * RSA provider under item   1 of the table in subsection   295 - 190(1) to the extent that it has been reduced by a notice under section   290 - 180 if the notice is received by the * superannuation provider before it has lodged its * income tax return for the income year in which the contribution was made.

Variation notice received after return lodged

  (2)   A contribution is not included in the assessable income of a * complying superannuation fund or * RSA provider under item   1 of the table in subsection   295 - 190(1) for the income year in which the contribution was made to the extent that it has been reduced by a notice under section   290 - 180 if:

  (a)   the notice is received by the * superannuation provider after it has lodged its * income tax return for the income year; and

  (b)   the provider exercises the option mentioned in subsection   (3).

  (3)   An amount referred to in subsection   (2) may, at the option of the provider, be excluded from the assessable income of the fund or * RSA provider for the income year referred to in subsection   (2) if excluding it would result in a greater reduction in tax for that year than the reduction that would occur for the income year in which the notice is received if a deduction were allowed under item   2 of the table in subsection   295 - 490(1).

Note:   The exclusion is an alternative to the fund deducting the amount under item   2 of the table in subsection   295 - 490(1).