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A recent AAT decision illustrates the sorts of evidence that might be necessary in order for an SMSF to not have non-arm’s length income (NALI). Accordingly, advisers working with SMSFs should pay close attention to this decision and the evidence that an SMSF should collect and retain. The decision is BPFN and Commissioner of Taxation [read more]
SMSF trustees must only pay expenses that belong to the fund’s activities. They should not pay expenses for anyone else. Conversely, SMSF trustees and members must not pay an invoice (outside of the fund) if the expense is properly payable by the fund. Moreover, some invoices need to be split between the SMSF and another [read more]
The Federal Court of Australia held that a self managed superannuation fund (SMSF) could recover the amount of an Australian Financial Complains Authority (AFCA) determination relating to a compensation claim against a financial adviser for an investment loss. This article focuses on SMSF trustees rights to complain and seek compensation via AFCA for inappropriate financial [read more]
Overview Where an SMSF member or related party pays the annual ASIC fee for a corporate trustee, this may give rise to non-arm’s length expense (NALE) risk that can result in non-arm’s length income (NALI). A NALE risk can also arise where a corporate trustee also acts in any other capacity (eg, carrying on a [read more]
Historically, deeds could not be executed electronically but rather by wet ink and only on paper (or parchment or vellum). However, recent changes authorise electronic execution, as discussed below. This is ‘Part 1’ of an article that focuses on company execution. We are planning to prepare more articles on individual execution in the coming months. [read more]
Introduction With the penalty unit increasing from $275 to $313 from 1 July 2023, SMSFs need to be extremely careful as this results in most administrative penalties increasing from $16,500 (ie, 60 penalty units x $275) to $18,780 (ie, 60 penalty units x $313). This article discusses administrative penalties under s 166 of the Superannuation Industry [read more]
Overview The taxation and administration of trusts continues to be an area of development. The Commissioner’s application of long forgotten tax provisions (in form of s 100A of the Income Tax Assessment Act 1936 (Cth) (ITAA 1936)), and recent court cases extending the obligations of trustees to consider beneficiaries (in form of Re Owies Family Trust [2020] [read more]
In January 2023 Treasury proposed a lower than arm’s length (or nil) expense (NALE) be multiplied by five. For example, NALE of $1,000 would therefore give rise to $5,000 (5 x $1,000) of non-arm’s length income (NALI), taxed at 45% ($5,000 x 45%); resulting in $2,250 tax or an effective tax rate of 225%. (See our [read more]
This article provides important background context on why SMSF trustees may wish to consider using the ATO’s early engagement and voluntary disclosure service to notify the ATO regarding contraventions of the Superannuation Industry (Supervision) Act 1993 (SISA) or Superannuation Industry (Supervision) Regulations 1994 (SISR). There are significant advantages that can result from making a voluntary [read more]
On Monday 19 June 2023, Treasury released an exposure draft to alter the non-arm’s length income (NALI) laws. While a ‘2 multiple’ cap is proposed for certain expenses, the exposure draft legislation — if implemented — could have a significant impact for the SMSF industry. One aspect in particular stands out that is highly relevant to [read more]
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