Commonwealth Consolidated Acts Commonwealth Consolidated ActsIncome Tax Assessment Act 1936
1 At the end of subsection 82AAC(1)
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Note 3: However, a deduction might be denied or reduced by section 26 - 80 of the Income Tax Assessment Act 1997 if the contribution is made more than 28 days after the month in which the eligible employee turns 70.
2 At the end of subsection 82AAT(1)
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Note: However, a deduction is denied by section 26 - 80 of the Income Tax Assessment Act 1997 if the contribution is made more than 28 days after the month in which the person turns 70.
Income Tax Assessment Act 1997
3 At the end of Division 26 of Part 2 - 5
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26 - 80 Contributions to complying superannuation funds or RSAs
(1) You cannot deduct under this Act an amount you pay as a contribution to a * complying superannuation fund or * RSA except as provided by this section.
Contributions in respect of those who are less than 70 years old
(2) You can deduct an amount under section 82AAC of the Income Tax Assessment Act 1936 if:
(a) you are entitled to the deduction under that section; and
(b) you pay the contribution in respect of an eligible employee (within the meaning of section 82AAA of that Act) on or before the day that is 28 days after the end of the month in which the employee turns 70 years old.
(3) You can deduct an amount under section 82AAT of the Income Tax Assessment Act 1936 if:
(a) you are entitled to the deduction under that section; and
(b) you pay the contribution on or before the day that is 28 days after the end of the month in which you turn 70 years old.
Contributions in respect of those who are 70 years or more
(4) You can deduct an amount under section 82AAC of the Income Tax Assessment Act 1936 if:
(a) you are entitled to the deduction under that section; and
(b) you pay the contribution in respect of an eligible employee (within the meaning of section 82AAA of that Act) after the day referred to in paragraph (2)(b); and
(c) you are required to pay the contribution by an industrial award or determination that is in force under an * Australian law.
However, you can only deduct the amount of the contribution that is actually required by the industrial award or determination.
Note: An industrial agreement, such as an Australian Workplace Agreement or a Certified Agreement, is not an award or determination.
(5) You can deduct an amount under section 82AAC of the Income Tax Assessment Act 1936 if:
(a) you are entitled to the deduction under that section; and
(b) you pay the contribution in respect of an eligible employee (within the meaning of section 82AAA of that Act) after the day referred to in paragraph (2)(b); and
(c) the contribution reduces your charge percentage in respect of the employee under section 22 or 23 of the Superannuation Guarantee (Administration) Act 1992 .
(6) If both subsections (4) and (5) potentially apply in respect of the deduction, you can choose which of those subsections actually applies.
Part 2 -- Application provision
4 Application of amendments made by Part 1
The amendments made by Part 1 apply in relation to assessments for the 2002 - 2003 year of income and later years of income.