News : NALI/NALE

Compliance, Contributions, NALI/NALE

NALI sidestep may breach other rules

Self managed superannuation fund, Self managed super, SMSF, trustee, NALI, reimbursement, fund expenses, non-arm’s-length, ASF Audits, Shelley Banton, property, deposit, contribution, non-arm’s-length income, NALI, compliance breach, auditor contravention report, ACR

An SMSF reimbursing a trustee for fund expenses may avoid NALI, but can create other breaches under superannuation law.

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Compliance, NALI/NALE, Regulation

Law clear on arm’s-length status

How parties can deal with each other on arm’s-length terms is not confusing as super law has clear parameters on what is expected during SMSF transactions.

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Contributions, NALI/NALE

In-specie transfer not a NALE trigger

An in-specie transfer an SMSF member makes with no purchase amount should not trigger the non-arm’s-length expenditure provisions.

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NALI/NALE

Exact treatment for free trustee work

SMSF, self managed super, SMSF transaction, trustee services, Accurium, Anthony Cullen, Tax Ruling 2010/1DC2, contribution, value shifting

Care must be taken as to the treatment of an SMSF transaction where a trustee provides the fund with a professional service without charging for it.

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ATO, Education, NALI/NALE

TR 2010/1DC2 delivers double blow

Draft tax ruling TR 2010/1DC2, contribution rules, non-arm’s length expenditure, NALE, Accurium, Anthony Cullen, concessional contribution, GYBW, SMSF, self managed super, self managed superannuation

The latest draft tax ruling 2010/1DC2 has seen the ATO change its approach to the value of an asset has shifted due to a non-commercial arrangement.

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NALI/NALE, SMSF, Tax

Service discount sway a NALE issue

Accurium, discounted services, employees, general expenses, NALE, Natalie Scott, non-arm's length expenditure, self-managed super, self-managed superannuation, SMSF, SMSF trustees, superannuation

Certain situations exist where a service discount granted to an SMSF will initiate the NALE rules even if the reduced price is available for all staff.

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ATO, NALI/NALE, Regulation, SMSF, Superannuation

No ATO guidance to define breaches

ATO guidance, breach, illegal early access, superannuation, SMSF, self managed super, loans to members, ATO, Emma Rosenzweig

The ATO has stipulated illegal early access of super benefits and SMSF loans to members do not warrant guidance as both are compliance breaches.

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Auditing, NALI/NALE

NALE identification role shared

Tax agents have a shared role with auditors in identifying where NALE has arisen in an SMSF and a failure to recognise it may be a breach of their obligations.

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NALI/NALE

Non-commercial costs can escape NALE

NALE, Accurium, Natalie Scott, ATO,

An SMSF expense that has not been incurred on commercial terms will not necessarily trigger the non-arm’s-length expenditure rules.

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