On 9 May 2023, as part of the 2023–24 Budget, the Australian Government announced it will amend the non-arm's length income (NALI) provisions which apply to expenditure incurred by superannuation funds.
This measure is not yet law.
The Bill was introduced on 13 September 2023 and will:
- limit the amount of non-arm's length income arising from a general non-arm's length expense for self-managed superannuation funds and small Australian Prudential Regulation Authority (APRA) regulated funds to twice the level of a general expense.
- exempt large APRA regulated funds from the NALI provisions for both general and specific expenses of the fund
- exempt expenditure that occurred prior to the 2018–19 income year
- apply from 1 July 2018.
Treasury consultations on the proposed changes occurred during:
For more information see:
- Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023External Link