Issue
Is the member, a self-employed person, entitled to a deduction under section 82AAT of the Income Tax Assessment Act 1936 (ITAA 1936) in respect of a personal superannuation contribution made to a complying superannuation fund when the member was aged 70 years and 6 months at the time the contribution was made?
Decision
No. The member is not entitled to a deduction under section 82AAT of the ITAA 1936 in respect of a personal superannuation contribution made to a complying superannuation fund when the member was aged 70 years and 6 months at the time the contribution was made.
Facts
The member made a contribution to a complying superannuation fund.
The member met the requirements of being an 'eligible person' in section 82AAS of the ITAA 1936.
At the time of the contribution, the member was aged 70 years and 6 months.
Reasons for Decision
Section 82AAT of the ITAA 1936 allows a deduction for personal superannuation contributions in certain circumstances. However, while all criteria in that section may be met, section 82AAT is limited in its application by section 26-80 of the Income Tax Assessment Act 1997 (ITAA 1997).
Section 26-80 of the ITAA 1997 requires that for a deduction to be allowable for personal superannuation contributions, those contributions must be made: on or before the day that is 28 days after the end of the month in which [the member] turn[s] 70 years old.
As the member did not make the relevant contribution before that time, no deduction is allowable.