News : NALI/NALE

ATO, Compliance, NALI/NALE, Property

SMSF projects probed for NALI breaches

SMSF property NALI

The ATO has cautioned SMSF trustees and advisers about potential NALI breaches in property development projects and, in an unrelated announcement, disqualified over 200 SMSF trustees.

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ATO, Compliance, NALI/NALE

NALI statutory income guidance pending

NALI statutory income

The ATO is believed to be developing guidance for release this month on the calculation of statutory income that will be viewed as NALI.

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Compliance, NALI/NALE, SMSF

NALE penalty appropriate, but needs clarity

NALE penalty level

The update to the NALE penalty in the 2023 federal budget is a reasonable approach, however, further clarification is needed on what defines a NALE compliance breach.

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NALI/NALE

NALE expense figures still absent

NALE general expense

The budget measure to change the NALE tax regime still requires the release of benchmark general expenses figures to give certainty as to how it will operate.

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Investments, NALI/NALE

In-specie contribution evidence vital

In-specie contribution NALI

Trustees must ensure they are keeping and submitting accurate documentation regarding their in-specie contributions when the NALI compliance period begins.

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Administration, Auditing, NALI/NALE, SMSF

NALE rules an extra audit burden

NALE auditors

The proposed NALE rules for general expenses to be implemented from 1 July 2023 onwards will broaden the scope of the SMSF audit.

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NALI/NALE, Superannuation, Tax

Govt has ignored industry concerns

NALE super tax

The federal government has ignored the superannuation sector in regards to the proposed $3 million super tax and NALE based on its budget announcements.

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NALI/NALE, SMSFA, Superannuation, Tax

Soft cap tax needs further consultation

super tax consultation

The SMSF Association has called on the government to allow for further consultation on the proposed soft cap tax after the budget unveiled no modifications to the measure.

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NALI/NALE

Govt amends NALE penalty

NALE penalty

The government has amended its proposed penalty for breaches of the NALE rules, but appears to be pushing ahead with plans to only apply them to the SMSF sector.

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NALI/NALE, Superannuation, Tax

Budget draws mixed reactions

Budget reactions

The industry has praised the federal budget in relation to measures to make super fairer, but has called for clarification on certain provisions.

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