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The SMSF Association has called on the Australian Taxation Office (ATO) to clarify its rules on non-arm’s length expenses (NALE) in its final ruling as the rules are complex.
During its National Conference, the SMSF Association’s deputy chief executive/ director of policy and education, Peter Burgess, said the new rules issued in draft Law Companion Ruling in 2019 about NALE applied in situations where the parties did not deal with each other at arm’s length and the trustees incurred an expense that is not on arm’s length terms.
He said the key issues were:
More examples to illustrate the difference between a service provided by a self-managed superannuation fund (SMSF) trustee in their capacity as a trustee and services provided in their capacity as an individual. In particular, if an SMSF member is qualified and licensed to provide a particular service to the public, will the new NALE rules automatically apply if they provide that service to their fund and d
Critical NALE issues need to be addressed by ATO, says SMSF Association
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