CA ANZ notes that current NALI provisions have been the source of considerable concern for the superannuation sector since their amendment in 2019. These concerns need to be addressed as a matter of urgency.

It is our view that the most ideal and workable and least disruptive solution would be for the 2019 amendments to Sec 295-550 of the ITAA97 to be repealed and returned to its terms before the amendments were enacted.

Any residual concerns about non-arm’s length arrangements with any superannuation fund can be dealt with by the ATO and the superannuation sector applying Tax Ruling TR 2010/1.