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ARTICLE · 05 JULY 2020

Superannuation monthly update – Regulator updates and Legislation

Holding Redlich
Holding Redlich
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Holding Redlich

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This update links to super regulator updates (ATO, ASIC and APRA), and to new legislation relating to superannuation.

AustraliaFinance and Banking
Luke Hooper
Luke Hooper
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Regulator updates

ATO Practical Compliance Guideline PCG 2020/5: Applying the non-arm's length income provisions to 'non arm's length expenditure' – ATO compliance approach for complying superannuation entities (1 June 2020)

The Guideline provides a transitional compliance approach for a complying superannuation entity concerning the application of the amendments to non-arm's length income (NALI) rules in the Income Tax Assessment Act 1997 (Cth), in respect of the 2019 to 2021 financial years.

The Guideline states that the ATO will not allocate compliance resources to determine whether the NALI provisions apply to a complying superannuation fund for the 2019 to 2021 financial years where the fund incurred certain non-arm's length expenditure of a general nature that has a sufficient nexus to all ordinary and/or statutory income derived by the fund in those respective financial years (for example, non-arm's length expenditure on accounting services).

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This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.

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