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05 Dec 13 Apportionment of expenses of super entity - TR 2013/D7

On 4 December 2013, the ATO released for public comment by 29 January 2014 draft Taxation Ruling TR 2013/D7 entitled "Income tax: apportionment of expenses incurred by a superannuation entity only partly in gaining its assessable income".

The draft Ruling considers apportionment, for the purposes of s 8-1 of ITAA 1997, of a loss or outgoing incurred by a superannuation entity partly in gaining or producing its assessable income and partly in gaining or producing non-assessable income.

The draft Ruling also considers the potential effect of s 295-95(1) of the ITAA 1997 on such an apportionment.

The draft Ruling does not, however, consider whether any other provisions of the Income Tax Acts may affect such an apportionment or whether a s 8-1 deduction will ultimately be allowable in respect of a loss or outgoing incurred by a superannuation entity. For example, the Ruling does not consider whether any of the exclusions in s 8-1(2) will apply to a particular loss or outgoing or whether s 8-10 may apply such that a deduction is available under some other (more appropriate) provision, rather than under s 8-1

When the final Ruling is issued, it is proposed to apply to expenses incurred from the first day in the first income year of the superannuation entity that commences on or after 1 July 2014. That is, for superannuation entities other than those with substituted accounting periods, the date of effect will be 1 July 2014.

To the extent that it applies to apportionment of expenses, it is proposed that Taxation Ruling TR 93/17 (Income tax: income tax deductions available to superannuation funds) will cease to have effect for a superannuation entity from the date of effect of the final Ruling.

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