News : NALI/NALE

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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NALI/NALE, Retirement

Pension-phase advice fees a NALE danger

An SMSF in pension phase can still breach the NALE rules if its members pick up the tab for advice fees that should be paid for by the fund.

An SMSF in pension phase can still breach the NALE rules if its members pick up the tab for advice fees that should be paid for by the fund.

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Auditing, NALI/NALE

Audits must ring-fence NALI risk

A significant number of SMSF trustees may be adversely affected by a recent AFCA determination regarding the wholesale investor definition.

Auditors should be clear they will not be liable for any historical NALI-related issues and have that stated in all client documentation.

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