Section EJ 21 — Income Tax Act 2007: Contributions to employees’ superannuation schemes

EJ 21 Contributions to employees’ superannuation schemes When this section applies (1) This section applies when an employer is allowed a deduction for a superannuation contribution to an employee’s superannuation scheme under section DC 7 (Contributions to employees’ superannuation schemes). Timing of deduction (2) The employer may choose to allocate the deduction to the income year for which the contribution was required by the superannuation scheme to be made, or for which the amount of the contribution was calculated taking into account the earnings paid to employees who were members of the scheme during the income year, if the employer makes the contribution within 63 days after the end of the income year. Election (3) The employer must make the election before filing a return of income for the income year or within a longer time if the Commissioner agrees. Defined in this Act: amount , Commissioner , deduction , employee , employer , income year , return of income , superannuation contribution , superannuation scheme , Compare: 2004 No 35 s EJ 19