News : Tax

Tax

Family allowance a tax win in death

family allowance tax benefit

The establishment of a family allowance arrangement can result in a better tax outcome for the recipients of an SMSF death benefit.

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Tax

NALE no-action period extended

NALE ATO no-action

The ATO will not take action in regards to non-arm’s-length expenses for another year, but has yet to decide on a final position on the matter.

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Superannuation, Tax

Segregation a potential tax rort

Asset segregation tax avoidance

Asset segregation will not protect trustees seeking a tax avoidance arrangement, with the ATO watching these situations, a technical expert has advised.

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Strategy, Tax

Asset segregation timing key

segregated asset SMSF

Attributing capital losses to SMSFs for tax purposes in a segregated asset environment has both pros and cons, a technical expert has said.

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Superannuation, Tax

Six members may net tax benefit

six-member SMSF tax benefit

A tax benefit may result from the pending legislation that will increase the maximum number of SMSF members from four to six.

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Documentation, Tax

Tax agent banned over false audit declarations

tax agent false declarations

The registration of a Perth-based tax agent has been terminated after he was found to have falsely declared an SMSFs were audited in more than 100 annual returns.

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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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