News : Tax

Property, Tax

Rent relief a 2020 tax return issue

Rent relief

The tax implications of rent concessions granted to tenants as a result of COVID-19 need to be taken into account for the 2020 financial year, an SMSF technical expert says.

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Tax

NALE costs will be hard to price

NALE general expenses

Putting a cost on services provided by SMSF practitioners to their own funds to resolve NALE concerns will be difficult and questions remain over who will determine those costs.

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Financial Planning, Tax

TPB, FPA forge inaugural partnership

TPB FPA MOU

A memorandum of understanding has been signed between the Tax Practitioners Board and the Financial Planning Association facilitating an official information exchange.

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ATO, Tax

Loan deferrals need safe harbour clarity

loans deferrals safe harbour

Further guidance from the ATO is required to indicate how the related-party loan safe harbour rules can potentially be amended for COVID-19 loan deferrals, a technical expert has suggested.

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ATO, Tax

Not all NALI is off ATO radar

ATO NALI provisions

The ATO’s recent ‘no-action’ stance on some non-arm’s-length income (NALI) positions has overshadowed the fact that other provisions have applied since 2018.

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ATO, Tax

NALI action won’t void RPL rules

NALI RPL LRBA

SMSFs with LRBAs through a related party lender should stay within NALI provisions despite the ATO taking a no-action position until mid-2021.

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ATO, Superannuation, Tax

SMSFA surveys members on ASIC relief impact

SMSF Association ASIC relief

The SMSF Association has asked its members for feedback on relief measures provided by ASIC in response to the coronavirus pandemic.

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ATO, Tax

ATO pushes NALE action out by year

ATO NALE action

The ATO will not take action on non-arm’s-length expenditure (NALE) of a general nature, allowing SMSF practitioners to work on their own funds for another 12 months.

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Superannuation, Tax

Early release tax treatment unique

Early release tax

Advisers and tax agents need to consider the different tax treatment regarding early release superannuation lump sum payments under the coronavirus economic relief measures, a technical expert has said.

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Property, Tax

Related-party rent relief has NALI catch

rent relief NALI

SMSF trustees not offering rent relief need to consider if that move may trigger NALI when dealing with related parties.

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