News : NALI/NALE

Legislation, NALI/NALE, Superannuation, Tax

Last chance to alter $3m soft cap bill

Division 296 tax NALE Superannuation earnings tax Senate

A review by a Senate committee will give the SMSF sector a final chance to put forward its case that the proposed superannuation earnings tax is poor policy and should be refined.

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NALI/NALE

COVID-19 may impact NALE

COVID-19 NALE non-arm's length expenditure

Work practices adopted subsequent to the COVID-19 pandemic may make breaches of the NALE rules more difficult to determine.

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Legislation, NALI/NALE

NALE rectification off the table

Treasury has indicated rectification for NALE breaches is inconsistent with anti-avoidance provisions, providing the reason why it is not part of the current bill before parliament.

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Legislation, NALI/NALE

Senate review approves NALE bill

Senate Economics Legislation Committee NALE NALI bill legislation

A seven member Senate committee has recommended new NALE provisions should pass parliament without any changes to the bill that will enact them.  

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NALI/NALE

NALE repeal rejection explained

Treasury NALE NALI repeal SIS Act joint bodies submission

Treasury has outlined some of the reasons it has rejected industry calls to repeal the NALE regime, noting it was best suited to address non-arm’s-length issues within SMSFs.

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NALI/NALE

IFPA wants NALE law removed

Institute of Financial Professionals IFPA Senate Economics Legislation Committee NALE repeal

The government has been encouraged to remove the provisions pertaining to NALE in the relevant bill before parliament.

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Commercial Property, Compliance, NALI/NALE, Property

Lease pre-payment a NALI risk

NALI Lease pre-payment Business real property Related-party tenant

SMSFs accepting advance payments from a related-party tenant for leasing business real property have been warned such an arrangement may expose the fund to NALI.

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Auditing, NALI/NALE

Dig deep for NALI compliance

SMSF auditors NALI NALE compliance

The activities of all participants in an SMSF property development scheme should undergo scrutiny for compliance with NALI/E provisions, rather than just the SMSF itself.

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Compliance, Legislation, NALI/NALE, Tax

NALE bill doesn’t extend amnesty

NALE ATO Non-arm's length expenditure PCG 2020/5

SMSF trustees cannot rely on PCG 2020/5 from 1 July 2023 to avoid a severe tax penalty should they incur non-arm’s-length general expenses.

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NALI/NALE

Boost SIS Act to address NALE

SMSF NALE NALE SIS Act Senate committee

An existing piece of legislation can be tweaked to carve out a specific treatment for non-arm’s-length arrangements for SMSFs without having to introduce a new and uneven super tax model.

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