News : NALI/NALE

NALI/NALE

NALE changes take effect from 1 July

SMSF Self-managed superannuation NALE non-arm’s length expenditure Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Act 2023

The long-awaited changes to the NALE provisions have received an eleventh-hour approval and take effect from the start of the new financial year.

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NALI/NALE

NALE bill passed by parliament

NALE non-arm’s-length expenditure bill SMSF Self-managed superannuation fund Royal assent

Changes to the NALE provisions will become law, with only the question of when they will take effect yet to be answered.

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Legislation, NALI/NALE

NALE bill in parliament stalemate

NALE Small business asset write-off Parliament House of Representatives Senate

The bill that will introduce the NALE general expenses provisions is locked up in parliament as the two houses disagree over proposed amendments.

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AAT, ATO, Compliance, NALI/NALE, SMSF

CAANZ calls for NALI clarity

NALI AAT ATO BPFN and Commissioner

It has been recommended the ATO update its non-arm’s length income guidance after one of its rulings was overturned by the AAT last year.

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Legislation, NALI/NALE, Superannuation, Tax

Progress of NALE bill uncertain

NALE non-arm’s length expenses Chartered Accountants Australia and New Zealand Tony Negline Parliament

Changes to the rules around non-arm’s length expenses may not pass parliament before 30 June raising doubts as to their application in the current financial year.

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Legislation, NALI/NALE

Senate approves NALE bill

Senate House of Representatives NALI NALE SMSF Association Parliament

The Senate has passed a bill to amend the rules regarding non-arm’s length expenditure without opposition, advancing it to the House of Representatives for a third reading.

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Compliance, NALI/NALE, SMSF

Lack of discount policy a NALE risk

SMSF NALI Discount policy PCG 2020/5 LCR 2021/2

Firms offering discounted SMSF services to their employees may face NALE repercussions at the end of the financial year if specific conditions are not fulfilled.

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Contributions, NALI/NALE, Regulation

Asset shortfall a NALI risk

NALI SMSF Asset transfers LCR 2021/2 Contributions market value

SMSF practitioners and trustees have been warned about the potential NALI risks involved when transferring assets into a fund.

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Legislation, NALI/NALE, SMSFA

Proposed NALE measures inequitable

SMSF Association NALE non-arm's length expenditure Treasury

The SMSF Association has restated its view that the proposed NALE measures are unfair, but it is unlikely they will be changed.

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NALI/NALE, Property

NALI used to identify property issues

SMSF property development NALI ATO Sladen Legal Phil Broderick

A legal expert has identified the ATO is using NALI compliance to target property development in SMSFs while hardening its stance on penalties.

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