- Advocacy
SMSF Association Submission
The SMSF Association welcomes the opportunity to provide this submission in response to the Government’s exposure draft legislation on the non-arm’s length expense rules for superannuation funds. Despite these proposed amendments, concerns on unintended consequences remain. The live issues surrounding general expenses of a capital nature, specific expenses and capital gains are not considered in this Bill.
As a matter of urgency, the entire superannuation sector needs a solution to remediate the far reaching, unintended consequences present in the existing non-arm’s length expenditure (NALE) provisions. These would be best served with the repeal of the 2019 NALE amendments to Income Tax Assessment Act 1997 (Cth) (ITAA97) Subdivision 295-H.
Read the full submission below.