Increase to the maximum number of allowable members in a self-managed superannuation fund and small APRA-regulated superannuation fund
The Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2021, that increases the maximum number of allowable members in self-managed superannuation funds and small APRA-regulated superannuation funds from 4 to 6 has passed and received Royal Assent on 22 June 2021. The amendments commence from 1 July 2021.
Continue to: Instructions to complete your annual return
Non-arm's length expenses (NALE)
The Treasury Laws Amendment (Support for Small Business and Charities and other Measures) Act 2024External Link amends the rules for NALE for superannuation entities.
Under the amendments, from 1 July 2018:
- For small complying funds, the amount of non-arm's length income arising from a non-arm's length general expense will be twice the difference between the expense that the entity did incur (including nil expenditure) and the amount that might have been expected to be incurred. This is the 'Twice the difference approach'.
- Large APRA regulated funds, exempt public sector superannuation funds, pooled superannuation trusts (PSTs) and approved deposit funds (ADFs), will be exempt from the from the non-arm's length income rules arising from NALE for both non-arm's length general and specific expenses. However, they will still be subject to the remaining non-arm's length income rules for income derived on a non-arm's length basis.
- For all superannuation funds, exempt the application of the NALE rules for expenditure incurred or expected to have incurred before 1 July 2018.
Continue to: Instructions to complete your annual return