News : NALI/NALE

ATO, NALI/NALE, Tax

NALI case shows exact evidence need

AAT NALI evidence

SMSFs gathering evidence to prove arrangements do not breach NALI provisions have been shown the level of detail needed to defend a challenge in a recent AAT case.

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Administration, Compliance, Management, NALI/NALE, SMSF

AAT overturns NALI interest ruling

NALI interest income AAT

The AAT has ruled interest derived from a complex lending arrangement established by an SMSF trustee was not NALI despite the arrangements being at non-arm’s length.

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Investments, NALI/NALE, SMSF

Ask clients for arm’s-length proof

arm's-length evidence

Given the complexity of some investment arrangements, SMSF trustees should be providing evidence they have acted on an arm’s-length basis.

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NALI/NALE, SMSFA

NALI can still taint all fund income

NALE general expenses

It is still possible for the entire income of an SMSF to be taxed at the NALI penalty rate under the NALE bill currently before parliament.

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Compliance, NALI/NALE, SMSF

NALI based on actions, not parties

NALI actions parties

The nature of the dealings and not the relationship between parties is the key focus of the NALI provisions and is confusing some practitioners.

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NALI/NALE

NALE materiality a compromise

NALE materiality SMSF

The ability for SMSF auditors to decide if a NALE issue is worth flagging with the ATO may be a compromise position on the issue for the sector.

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Auditing, NALI/NALE

NALE materiality still not clear

SMSF auditors NALE

SMSF auditors will be tasked with deciding when non-arm’s-length expenditure is reasonable despite the lack of certainty on the issue but may find a solution exists in current ATO guidance.

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NALI/NALE, Tax

NALI-CGT determination provides clarity

NALI CGT determination

A recently issued tax determination has clarified the treatment of capital gains where non-arm’s-length transactions are conducted and offers practical outcomes for SMSFs.

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NALI/NALE

NALE bill can’t fix broken model

NALE draft bill

The draft bill to alter the NALE provisions is building on a flawed model, creating more problems, with a collective of industry bodies unwilling to support it.

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NALI/NALE

NALE fix involves fair value proof

NALE market value expenses

The government’s draft bill to implement a NALE tax regime will force SMSFs to prove their expenses are at market value.

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