Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Act 2024 (52 of 2024)

Schedule 7   Non-arm's length expenses of superannuation funds

Income Tax Assessment Act 1997

3   Paragraphs 295-550(5)(b) and (c)

Repeal the paragraphs, substitute:

(b) if the entity is of a kind referred to in paragraph (8)(a) (about certain small entities) - in acquiring the entitlement or in gaining or producing the income, the entity incurs a loss, outgoing or expenditure of an amount that is less than the amount of a loss, outgoing or expenditure that the entity might have been expected to incur if those parties had been dealing with each other at arm's length in relation to the scheme;

(c) if the entity is of a kind referred to in paragraph (8)(a) (about certain small entities) - in acquiring the entitlement or in gaining or producing the income, the entity does not incur a loss, outgoing or expenditure that the entity might have been expected to incur if those parties had been dealing with each other at arm's length in relation to the scheme.