Chartered Accountants Australia and New Zealand, CPA Australia, Institute of Public Accountants, SMSF Association, and The Tax Institute do not endorse the measures contained in the exposure draft.

In addition to creating a ‘two-tiered’ superannuation sector, the proposed policy attempts to modify, rather than remove, measures which are in place to address concerns that are no longer relevant.

We note that the exposure draft does not address the complex issues created by the interaction of the non-arm’s length income and NALE framework in place for superannuation funds and specific expenses.