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10 Oct 2019 Updates

LCR 2019/D3 Non-arm's length income - expenditure incurred under a non-arm's length arrangement 

  • This draft Ruling clarifies how the amendments to s 295-550 of the Income Tax Assessment Act 1997 operate in a scheme where the parties do not deal with each other at arm's length and the trustee of a complying superannuation entity incurs non-arm's length expenditure (or where expenditure is not incurred) in gaining or producing ordinary or statutory income. The amendments apply in relation to income derived in the 2018-19 income year and later income years, regardless of whether the scheme was entered into before 1 July 2018.

PCG 2019/D6 Compliance approach for complying superannuation funds in respect of applying the non-arm's length income provisions to 'non-arm's length expenditure'

  • Draft PCG 2019/D6 provides a transitional compliance approach for a complying superannuation entity concerning the application of the amendments to s 295-550 of the Income Tax Assessment Act 1997 where a superannuation entity incurs certain non-arm's length expenditure (or where expenditure is not incurred) in gaining or producing ordinary or statutory income. A complying superannuation entity refers to a complying superannuation fund, a complying approved deposit fund or a pooled superannuation trust. For the purposes of readability, a reference in this Guideline to a 'complying superannuation fund' applies equally to a complying approved deposit fund and a pooled superannuation trust.
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