News : NALI/NALE

ATO, NALI/NALE, Regulation

LCR 2021/2 rulings applauded for now

The SMSF Association has praised some of the ATO rulings regarding LCR 2021/2 but also identified other areas that require more attention.

The SMSF Association has praised some of the ATO rulings regarding LCR 2021/2 but also identified other areas that require more attention.

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ATO, NALI/NALE

New NALE guidance still has issues

Updates to NALI guidance from the ATO has been welcomed but more details are still required in regards to key matters.

Updates to NALI guidance from the ATO has been welcomed but more details are still required in regards to key matters.

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NALI/NALE

NALI/NALE identification an issue

Transactions that could potentially trigger the NALI and NALE provisions are often only being identified by one SMSF source.

Transactions that could potentially trigger the NALI and NALE provisions are often only being identified by one SMSF source.

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NALI/NALE, Property

Business real property NALI danger

The use of business real property and the rent received from it will come under greater scrutiny as the ATO ramps up its NALI compliance activities.

The use of business real property and the rent received from it will come under greater scrutiny as the ATO ramps up its NALI compliance activities.

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LRBA, NALI/NALE

Review related-party loans with new rates

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, safe-harbour interest, related-party loans, non-arm’s-length income, NALI, SMSF Alliance, David Busoli

The release of the latest safe-harbour rates is a reminder SMSFs need to update any related-party loan details if they want to avoid NALI.

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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

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, related-party transactions, non-arm’s-length income, ASF Audits, Shelley Banton, arm’s-length arrangements, section 109, SIS Act, Part 8 associate

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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