News : NALI/NALE

Auditing, NALI/NALE

NALI is an audit responsibility

Auditors as well as tax agents have a responsibility to determine whether an SMSF has triggered the non-arm’s-length income provisions.

Auditors as well as tax agents have a responsibility to determine whether an SMSF has triggered the non-arm’s-length income provisions.

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LRBA, NALI/NALE

LRBA repayments need review

Repayments to a related-party LRBA should be routinely examined to ensure they don’t breach NALI provisions, particularly if cash flow is tight.

Repayments to a related-party LRBA should be routinely examined to ensure they don’t breach NALI provisions, particularly if cash flow is tight.

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NALI/NALE, Tax, Trusts

Trust taxation a NALI check reminder

SMSFs will be exempt from the new trust tax but should check the nature of any unit trusts in which the fund is invested to avoid a worse outcome.

SMSFs will be exempt from the new trust tax but should check the nature of any unit trusts in which the fund is invested to avoid a worse outcome.

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NALI/NALE

Bookkeeping a transaction call element

The method by which a transaction is accounted for in the books of an SMSF can influence whether it is considered arm’s length.

The method by which a transaction is accounted for in the books of an SMSF can influence whether it is considered arm’s length.

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ATO, NALI/NALE

NALI guidance ramps up trustee obligations

The ATO’s revised guidance on NALI means trustees must be very certain they won’t breach the relevant provisions before acting.

The ATO’s revised guidance on NALI means trustees must be very certain they won’t breach the relevant provisions before acting.

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NALI/NALE, Property, Strategy

Complex structures a NALI target

Complex structures used by SMSFs are still a concern for the ATO in regards to breaches of the non-arm’s-length income provisions.

Complex structures used by SMSFs are still a concern for the ATO in regards to breaches of the non-arm’s-length income provisions.

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NALI/NALE, Trusts

Discretionary trusts a NALI trigger

An SMSF investment in a discretionary trust should be avoided as any distributions from it will be considered non-arm’s-length income.

An SMSF investment in a discretionary trust should be avoided as any distributions from it will be considered non-arm’s-length income.

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NALI/NALE

Equity stakes a NALI risk

SMSFs offered stakes in new businesses may be exposing themselves to unnecessary NALI-related risks.

SMSFs offered stakes in new businesses may be exposing themselves to unnecessary NALI-related risks.

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NALI/NALE

NALE cost discount reasoning widened

Following amendments, LCR 2021/2 no longer requires staff discount policies for SMSF services to apply to classes of employees of the firm in question.

Following amendments, LCR 2021/2 no longer requires staff discount policies for SMSF services to apply to classes of employees of the firm in question.

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NALI/NALE, Trusts

Static unit value creates NALI breach

SMSFs may face NALI breaches if they hold units in trust where the value has remained unchanged, but the underlying asset has increased in worth.

SMSFs may face NALI breaches if they hold units in trust where the value has remained unchanged, but the underlying asset has increased in worth.

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