News : NALI/NALE

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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Compliance, LRBA, NALI/NALE, SMSF

Dual LRBAs feasible but complex

Related-party commercial LRBA NALI ATO SIS

SMSFs can use commercial and related-party LRBAs to purchase an asset, but may struggle to get past lending criteria and the NALI safe-harbour provisions.

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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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