Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 290.100

Returned contributions assessable

  (1)   Your assessable income includes a payment, or the value of a benefit, you receive in the income year so far as it reasonably represents the direct or indirect return of:

  (a)   a contribution for which you or another entity have deducted or can deduct an amount for any income year; or

  (b)   earnings on a contribution of that kind.

Note:   An example of an indirect return of a contribution is if the fund to which it was made transfers to another fund assets that include the contribution, and the other fund returns the contribution to the person who made it.

  (2)   Subsection   (1) does not apply if you receive the payment, or the value of the benefit, as a * superannuation benefit.

Table of sections

290 - 150   Personal contributions deductible

Conditions for deducting a personal contribution

290 - 155   Complying superannuation fund condition

290 - 165   Age - related conditions

290 - 167   Contribution must not be a downsizer contribution

290 - 168   Contribution must not be a re - contribution under the first home super saver scheme

290 - 169   Contribution must not be a COVID - 19 re - contribution

290 - 170   Notice of intent to deduct conditions

290 - 175   Deduction limited by amount specified in notice

290 - 180   Notice may be varied but not revoked or withdrawn


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