Date posted: 27/01/2022

Joint ministerial submission on super non-arm’s length income rules

A wide range of professional and industry associations (see below) wrote to Senator Jane Hume, Minister Minister for Superannuation, Financial Services and the Digital Economy in early September 2021 seeking urgent amendment to the superannuation non-arm’s length income provisions.

The joint bodies noted that amendments to these rules enacted in 2020 would have far reaching and significant harmful consequences all of which were likely to have been unintended by the legislature.

The rules apply equally to all APRA regulated super funds and Self Managed Super Funds.

Further the mere existence of these rules add significant complexity and cost of fund operations which will be bourne by fund members.

The joint bodies asked the Minister to urgently make an announcement stating that the law would be amended to remove any unintended consequences.

The joint bodies making this request were:

  • Chartered Accountants Australia & New Zealand
  • CPA Australia
  • Institute of Public Accountants
  • The Tax Institute
  • SMSF Association
  • National Tax and Accountants Association,
  • Australian Superannuation Funds Association
  • Actuaries Institute,
  • Self-Managed Independent Superannuation Funds Association
  • Financial Planning Association of Australia
  • Tax & Super Australia

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