: Are you eligible to claim a personal superannuation contributions deduction (PSCD) under section 290-170 of the Income Tax Assessment Act 1997 (ITAA 1997) for contributions made during the 2023-24 income year.
: You are eligible to claim the intended PSCD so long as you meet all requirements prescribed under subsection 290-170 of the ITAA 1997. This private ruling applies for the following period : Income year ending 30 June 20XX The scheme commences on: The scheme commences on 1 June 20XX.
This private ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are different from these facts, this private ruling has no effect, and you cannot rely on it. The fact sheet has more information about relying on your private ruling. 1. You were born on XX/XX/XXXX 2. Starting in the 20XX-XX income year, and continuing each year since, you made non-concessional contributions and claimed a personal superannuation contribution deduction in respect of these contributions. 3. You intend to make one further contribution during the 20XX-XX income year and intend to claim a personal superannuation contribution deduction in respect of these contributions. 4. You have made no withdrawals from your super fund account since retirement. 5. During the 20XX-XX income year you intend to withdraw a lump sum payment of the balance of the super interest held by your super fund of approximately $XXXX. Assumptions No assumptions have been made.
Income Tax Assessment Act 1997 section 290-150 Income Tax Assessment Act 1997 section 290-155 Income Tax Assessment Act 1997 section 290-170 Further issues for you to consider We have limited our private ruling to the questions raised in your application. There may be related issues that you should consider, including: • you must ensure you lodge the Notice of Intent (NOI) AND receive the acknowledgement from the super fund WHILE the contribution is still held in the super fund. • once you have received the acknowledgement from the super fund, you can then withdraw the funds • ensure you enter the PSCD into your Income Tax Return (ITR) If you differ from this required sequence of events, the ATO has no discretion to allow an NOI t