News : NALI/NALE

Legislation, NALI/NALE

Parliament passes NALE bill

NALE Senate House of representatives Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 Parliament Stephen Jones

Changes to the NALE provisions will become law, with only the question of when they will take effect yet to be answered.

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NALI/NALE

NALE bill lag creates huge risk

NALE non-arm's length expenses PCG 2020/5

SMSF trustees cannot rely on PCG 2020/5 from 1 July 2023 to avoid a severe tax penalty should they incur non-arm’s-length general expenses.

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ATO, NALI/NALE

Tax determination troublesome for SMSFs

ATO tax determination SMSF NALI CGT

The ATO taxation determination outlining how the NALI and CGT rules interact is potentially problematic for SMSFs.

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ATO, NALI/NALE

Hint of NALE enforcement given

ATO NALE private binding ruling

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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ATO, NALI/NALE, Tax

NALI interest ruling overturned

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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ATO, Compliance & Regulation, LRBA, NALI/NALE, Superannuation

ATO issues scheme warning

ATO early release scheme

The ATO has warned SMSF members to avoid early release and tax avoidance schemes noting many of these are related to property and lending within a fund.

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ATO, NALI/NALE, Property, SMSF

Property developments a NALI risk

property development 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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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 superannuation sector 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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NALI/NALE

NALE solution put forward

NALE solution

The government has put forward a solution that NALE breaches be ring-fenced and tax penalties only applied to any advantages gained.

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