News : Tax

Regulation, Tax

NALE guidance being considered

NALE guidance SMSF trustees

The impending legislation regarding non-arm’s-length expenses (NALE) could contain guidance providing methods that will allow SMSF trustees to avoid breaching the final provisions, a technical expert has said. “[An] area being considered here is how guidance can be provided on how the trustees can avoid breaches of the trustee remuneration provisions within section 17A [of […]

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Tax

Practitioners should plan for NALE ruling

NALE ruling

SMSF practitioners should not delay turning their attention to items such as staff discounts in order to mitigate their risks ahead of NALE being finalised.

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Property, Tax

COVID-19 NALE impact still possible

COVID NALE

SMSF practitioners should be mindful of the link between COVID-19 rent relief deferrals and non-arm’s-length expenditure (NALE), a technical specialist has warned.

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Tax

NALE measure one to watch for 2021

NALE measure 2021

The finalisation of non-arm’s-length expenditure (NALE) within Law Companion Ruling (LCR) 2019/D3 is one of the key measures likely to shape the SMSF space over the coming year.

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Regulation, Tax

Off-market transfer practices hold NALI trap

Off-market transfers

Trustees should not rely on old habits when processing off-market transfers as NALI rules will create new tax burdens.

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Auditing, Tax

Tax agent/auditor role unclear

Tax agent SMSF auditor

It remains unclear whether a practitioner can act in the capacity of tax agent and also auditor for an SMSF, a sector specialist has said.

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Financial Planning, Regulation, Tax

Review calls for TPB rego on opt-out basis

TPB registration advisers

Financial advisers will automatically fall under the oversight of the TPB unless they opt-out under a recommendation put forward by Treasury.

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Accounting, Financial Planning, Superannuation, Tax

Advice use could inject $600b into economy

advice economic boost

Widespread use of professional financial, superannuation, tax and accounting advice could provide billions in economic benefits to the nation, according to new research.

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Accounting, Tax

Accounting method not Part IVA

Accounting method Part IVA

A technical manager has allayed adviser fears over the use of tax-effect accounting in an SMSF being captured under Part IVA provisions of the Income Tax Assessment Act.

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Tax

TPB deregisters tax agent for SAN misuse

TPB agent SAN misuse

The TPB has terminated the registration of a fourth tax agent following its review of tax practitioners referred to the board by the ATO for SAN misuse.

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