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  2023 SMSF

NALI just got a whole lot gnarlier for SMSF Auditors

Source: New South Wales

Published Date: 17 May 2023

 

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This paper provides an update on the ATO perspective and activity and status of the consultation paper.

The release of ATO’s LCR 2021/2 provides detailed guidance on the interaction between expenditure under a non-arm’s length arrangement and the effect this can have on the taxing of a fund’s income. This paper drills down on the content of the ruling from an SMSF auditor’s perspective, including:

  • When minor breaches can have a material impact
  • The extent of auditor enquiry and testing expected from the ATO
  • The future CGT implications when taking over the audit of a fund that has previously incurred non-arm’s length expenditure on an asset
  • Possible interaction between in species contributions and NALI/NALE
  • ATO’s compliance approach to LCR 2021/2
  • Practical examples where NALI and NALE can have a material impact on the financial results of a fund

What is the state of play now that we have the consultation paper on ‘general expenses’?

Author(s)

Individual Session

Author(s): Shirley Schaefer
Materials from this session:

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Details

  • Published By: Shirley Schaefer
  • Published On:17 May 2023
  • Took place at:Sofitel Sydney Wentworth

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