News : NALI/NALE

NALI/NALE, Tax

Deductibility not a NALE criteria

NALE expenses tax deduction capital

SMSF trustees should not assume a particular expense will not be captured by the NALE rules simply because it is not tax deductible to the fund.

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ATO, NALI/NALE

Ruling shows NALE application

NALE SMSF trustee capacity non-arm's length expenditure

The ATO has indicated financial services professionals who act on behalf of their own fund must do so in a trustee capacity only to avoid being hit with NALE taxes.

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Documentation, NALI/NALE, SMSF

Zero fees a NALE trap

SMSF fees zero NALE

SMSF practitioners bundling service fees into other costs paid by a trustee will raise questions as to what has been charged and may lead to the ATO viewing that charge as a NALE breach.

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ATO, NALI/NALE, Tax

NALI CGT rules a problem for SMSFs

NALI

The ATO taxation determination outlining how the NALI and CGT rules interact is potentially problematic for SMSFs.

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Compliance, Documentation, NALI/NALE, Property

Evidence key to navigating NALI

SMSF property development NALI documents

SMSF auditors and their clients must furnish essential documents to demonstrate compliance with non-arm’s-length income and expenditure rules in property development projects.

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Auditing, NALI/NALE, Property, SMSF

ACR key to property project probes

ACR NALI SMSF property development

It is expected the ATO will use a multipronged approach to examine SMSF investments in property development schemes for non-arm’s-length income breaches.

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ATO, NALI/NALE, Superannuation, Tax

Recent rulings give NALE glimpse

ATO NALE private binding rulings

Two private binding rulings issued by the ATO in the past six months have hinted at how the NALE rules for general expenses will be applied.

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Legislation, NALI/NALE

NALE bill tabled in parliament

NALE bill parliament

The government has introduced a bill into parliament to change the non-arm’s-length expenditure regime to match the position taken in the budget.

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Compliance, NALI/NALE, Property, SMSF

Commercial lease negates NALI

NALI

A rise in the market value of an SMSF property is unlikely to trigger the NALI rules if a commercial lease with the tenant exists.

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AAT, NALI/NALE

AAT case indicates requisite attention to detail

AAT NALI case details SMSF Association

SMSF practitioners need to demonstrate great attention to detail when assessing situations involving related parties not based on commercial terms.

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