Expenses; tax and administration Archives

Don’t be wound up over winding up an SMSF

8 Feb 2024

For many individuals, a Self-Managed Superannuation Fund (SMSF) is a vital component of their retirement savings strategy. However, there comes a time when one must consider winding up their SMSF, whether due to reaching a certain age, changing circumstances, or simply that the SMSF no longer suits their needs.

NALE legislation introduced: Relief for general expenses

Expenses, tax and administration

15 Sep 2023

Long awaited changes implementing a cap on the amount of NALI arising from a general NALE has been introduced into Parliament. This blog outlines key aspects of the proposed relief.

Proposed NALE changes a solution, but is it best?

Expenses, tax and administration

6 Mar 2023

The government has released a consultation paper (24 January 2023), “Non-arm’s length expense rules for superannuation fund” which outlines options to amend the nonarm’s length income (NALI) provisions which apply to superannuation funds. The intention of these potential changes is to ensure the rules continue to operate in line with their original policy intent and provide a greater level of certainty to trustees ahead of the expiry of the transitional compliance approach (PCG 2020/5) on 30 June 2023.

SMSF SuperStream rollover exclusions

Expenses, tax and administration

7 Feb 2022

The ATO has updated their SuperStream implementation and onboarding information document to advise of scenarios where a rollover in or out of an SMSF will not be required to be transacted via SuperStream.

NALI fix needs a fix

Expenses, tax and administration

2 Feb 2022

The amendments made to the non-arm’s length income rules to include the concept of non-arm’s length expenditure took effect from 1 July 2018. However, despite nearly four years passing, an ATO draft ruling, consultation period, finalisation of the ATO’s ruling, there still remains significant concerns on the wide reaching effect of these 2018 amendments and particularly the potential dire tax outcome for a superannuation fund that has non-arm’s length expenditure.

SMSF lending money to a related party – why the structure of the related party is crucial

Expenses, tax and administration

24 Nov 2020

For several years, breaching the in-house asset rules and the prohibition on lending to a fund member or a relative of a fund member or providing financial assistance to a fund member or their relative using the financial resources of the fund, have consistently been in the top three audit contraventions.

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/ 'Expenses; tax and administration'

Don’t be wound up over winding up an SMSF

NALE legislation introduced: Relief for general expenses

Proposed NALE changes a solution, but is it best?

SMSF SuperStream rollover exclusions

NALI fix needs a fix

SMSF lending money to a related party – why the structure of the related party is crucial

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