With the change in legislation to the non-arm’s length income provisions effective 1 July 2018, there has been a lot of confusion regarding the operation and effective date of the new law, particularly given the Australian Taxation Office guidance on general expenses within superannuation funds. With the latest Australian Taxation Office deadline looming for general expenses, plus an expectation of a legislative fix to ensure the intended outcome is achieved, in the lead up to 30 June 2023 it will be important that any pertinent risk areas are addressed and managed for our clients.
In this session, Craig provided practical guidance on the operation of these provisions and the evidence required to satisfy the requirements – not just for general expenses, but asset specific NALI and NALE considerations.