News : NALI/NALE

financial advice, NALI/NALE, SMSF, Superannuation, Tax

Recurrent NALE terminology clarified

The ATO has revised its definition of NALE that occurs in one income year but not the next as part of its new guidance on how it will administer the NALI regime.

The ATO has revised its definition of NALE that occurs in one income year but not the next as part of its new guidance on how it will administer the NALI regime.

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NALI/NALE, SMSF, Superannuation, Tax

LCR confirms post-acquisition NALE view

ATO revised draft guidance has amended the application of NALE to specific assets after their acquisition with regard to capital gains.

ATO revised draft guidance has amended the application of NALE to specific assets after their acquisition with regard to capital gains.

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NALI/NALE

LCR creates discount policy scrutiny

The application of discount policies for SMSF trustees may need further consideration following changes to rules regarding NALE.

The application of discount policies for SMSF trustees may need further consideration following changes to rules regarding NALE.

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Insurance, NALI/NALE

Specific NALE may apply to insurance

Life insurance premiums paid by an SMSF for a particular member may be considered specific NALE given they are not costs related to the general operation of the fund.

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NALI/NALE

Trustee capacity consideration tweaked

The application of the trustee capacity rules within the ATO’s revised NALI arrangements appears to be less rigid, but responsibility for compliance has not changed.

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LRBA, NALI/NALE

Revised LCR maintains stance on LRBAs

Self-managed superannuation SMSF Law Companion Ruling LCR 2021/2DC NALE non-arm’s-length expenditure LRBA limited recourse borrowing arrangement DBA Lawyers Fraser Stead

The changes to the operation of the NALE rules have not flowed through to LRBAs, with the ATO’s revised guidance seeing non-arm’s-length dealings as tainting the arrangement forever.

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NALI/NALE

In-specie contribution changes hide NALI trap

New draft guidance on the use of in-specie assets as a contribution hinges on the valuations applied as any incorrect figures may create NALI problems.

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NALI/NALE

NALE gap requires transaction examination

A regulatory gap around the treatment of NALE for general expenses means trustees should be closely examining how they acted for their fund in the past financial year.

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Contributions, NALI/NALE

How a contribution can trigger NALI

Practitioners must ensure clients adopt a new approach to SMSF asset acquisitions involving an in-specie transfer component for compliance purposes.

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NALI/NALE

No SIS edict on NALI tax allocation

SMSF trustees cannot rely on the SIS Regulations to determine whether a NALI liability has to be allocated to a particular superannuation interest.

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