There were “no real surprises” within this draft ruling for self-managed funds, according to AMP SMSF’s head of policy and technical, Peter Burgess.

“It’s really just the ATO confirming their previous view about the way general admin expenses should be proportioned in a fund with part assessable and part non-assessable income,” Mr Burgess told SMSF Adviser.

“They have reconfirmed their view that all forms of contributions and rollovers should be included in the fund’s assessable income when determining the proportion of expenses which is deductible,” he added.

When the final ruling is issued, it is proposed to apply to expenses incurred from the first day in the first income year of the superannuation entity that commences on or after 1 July 2014.

“That is, for superannuation entities other than those with substituted accounting periods, the date of effect will be 1 July 2014,” the ATO stated.

“To the extent that it applies to apportionment of expenses, it is proposed that Taxation Ruling TR 93/17 Income tax: income tax deductions available to superannuation funds will cease to have effect for a superannuation entity from the date of effect of the final ruling.”