News : NALI/NALE

NALI/NALE

NALE identification an issue

NALE identification SMSF

Identifying and acting upon NALE issues may not be straightforward and the assumption cannot be made the SMSF audit will be the solution.

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Auditing, NALI/NALE

Auditors considering NALE protections

SMSF auditors NALE protections

SMSF auditors may seek greater declarations from trustees regarding non-arm’s-length expenditure to prevent litigation in the future.

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NALI/NALE

NALE goes beyond related parties

NALE related-party

The non-arm’s-length expenditure rules as defined by LCR 2021/2 are not confined exclusively to related-party transactions.

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NALI/NALE, Superannuation

Education can negate NALE

NALE SMSF education

Educating clients about the best compliance practices is likely to be the most effective way of preventing SMSF trustees from breaking the NALE rules.

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NALI/NALE

NALE challenges accepted practices

NALE SMSF

All relationships with SMSF service providers considered conventional in the past may now come under scrutiny due to the LCR 2021/2 NALE rules.

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NALI/NALE, Superannuation

Financial interest duty unclear on NALE impact

best financial interest NALE

The best financial interest duty remains unclear as to whether SMSF trustees that trigger a NALE event inside their fund will be able to use fund assets to pay the tax bill.

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NALI/NALE

Industry marshals NALE arguments

NALE super funds

A group of industry associations will collectively present case studies highlighting the impact of NALE provisions on super funds as part of a push to make changes.

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NALI/NALE

Government reviewing NALE impact

SMSFs NALE impact

The government is looking at the impact of NALE provisions on SMSFs and may offer a solution, according to an industry body.

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NALI/NALE

NALE cash settlement safer

NALE cash

Paying for SMSF services with cash so as to comply with the non-arm’s-length expenditure rules is unnecessary, but probably more prudent.

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Contributions, NALI/NALE

Asset transfers hang on final ATO decision

Assets transfer contribution

SMSF members moving assets into their fund as a partial non-concessional contribution should wait until the ATO’s final decision as to whether the move will fall under NALI provisions.

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