We’ve released our Practical Compliance Guide (PCG) that addresses the amendments made to the Income Tax Assessment Act 1997 (ITAA 1997) under Schedule 1 of the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024.
The PCG sets out a methodology that super funds can use to determine the extent to which payments of financial advice fees satisfy paragraph (d) of table item 5 of subsection 295-490(1) of the ITAA 1997. This section of the guidance doesn’t apply to SMSFs.
The PCG also outlines our compliance approach that applies to all super funds, including SMSFs, in relation to a super fund’s obligation to withhold from payments for personal financial advice fees in the income years prior to 1 July 2019.
To read the PCG, visit PCG 2025/1.
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