Small business energy incentive
The Treasury Laws Amendment (Support for Small Business Charities, and other Measures) Act 2024External Link provides businesses with an aggregated annual turnover of less than $50 million with access to a bonus deduction equal to 20% of the cost of eligible assets or improvements to existing assets that support more efficient energy use.
This is a temporary measure to support small businesses to improve their energy efficiency and save on their energy bills. The bonus deduction applies to the cost of eligible assets and improvements up to a maximum amount of $100,000, with the maximum bonus deduction being $20,000.
You claim the small business energy incentive at label L1 Deductible other amounts.
For more information, see Small business energy incentive.
Trust income schedule
From the 2024 income year, if your clients received one or more distributions from trusts, they must complete a Trust income schedule 2024 and attach it to their SMSF annual return. The trust income schedule details each distribution that your clients receive from trusts.
Complete the schedule if your clients report a distribution from a trust at:
- item 11 income, labels
- A Net capital gain
- D1 Gross foreign income
- M Gross trust distributions
- U2 Net non-arm's length trust distributions.
For information to help your clients complete the trust income schedule and who must complete the schedule, see Trust income schedule and instructions 2024.
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.