The ATO has introduced an administrative approach for the 2019 and 2020 income years, given the timing of the Bill's approval and the publication of its views on non-arm's length expenditure. This transitional compliance approach won't apply beyond July 1, 2020.
During the 2019 and 2020 income years, the ATO won't devote compliance resources to determine if the NALI provisions apply to complying superannuation funds if they incurred non-arm's length general expenses linked to all income. For instance, the ATO won't scrutinize cases like an SMSF spending on accounting services.
However, once PCG 2019/D6 is finalized, this approach won't apply if the fund incurred non-arm's length expenditure directly linked to specific income, like buying income-generating assets below market value.
If you need help, contact Tax Ideas Accountants & Advisers at +61 2 83181545 or book an appointment on our live calendar.
- Topics on self-managed superannuation fund – SMSF (1)
- Topics on self-managed superannuation fund – SMSF (2)
- Topics on self-managed superannuation fund – SMSF (3)
- Topics on self-managed superannuation fund – SMSF (4)
- Topics on self-managed superannuation fund – SMSF (5)
- Topics on self-managed superannuation fund – SMSF (6)
- Topics on self-managed superannuation fund – SMSF (7)
- Topics on self-managed superannuation fund – SMSF (8)
- Topics on self-managed superannuation fund – SMSF (9)
- Topics on self-managed superannuation fund – SMSF (10)
- Topics on self-managed superannuation fund – SMSF (11)
- Topics on self-managed superannuation fund – SMSF (12)
- Topics on self-managed superannuation fund – SMSF (13)
- Topics on self-managed superannuation fund – SMSF (14)
- Topics on self-managed superannuation fund – SMSF (15)
- Topics on self-managed superannuation fund – SMSF (16)
- Topics on self-managed superannuation fund – SMSF (17)
- Topics on self-managed superannuation fund – SMSF (18)
- Topics on self-managed superannuation fund – SMSF (19)
