Description
The recent legislative changes to the non-arm’s length expense (NALE) provisions for SMSFs have softened the tax consequences for expenses of a “general” nature. However, there is no such luck for NALE of the “specific” kind.
This session delves into the types of specific expenses that can be caught under the NALE rules and the consequences that can follow, including:
- The distinction between a fund expense being “general” or “specific”
- How a specific NALE impacts on a fund’s tax payable
- The importance of determining the capacity services are provided by a trustee who also conducts a business providing those services
- Can an in-specie contribution adjustment be used to prevent the NALE provisions applying?
- Does refinancing a limited recourse borrowing arrangement from non-arm’s length to arm’s length avoid triggering non-arm’s length income (NALI)?
- How NALE can impact on future CGT consequences for a CGT asset, including:
- How the market value substitution rule applies
- Whether a NALE breach regarding a CGT asset can be rectified in a later year to avoid NALI on a future capital gain
- Tips to avoid the NALE provisions applying to an SMSF’s business real property acquisition from a member or related party
- Practical examples
Who Should Attend?
This webinar is suitable for accountants advising in superannuation matters, Australia wide. This webinar is for practitioners with some knowledge in this area and looking to improve their knowledge.
$99 (members) | $132 (non- members)
TPB CPD Hours: 1.25 hours | Legislated CPD Hours: 1.25 hours in tax (financial) advice
Presented by:
Phil Broderick
Phil is a principal of Sladen Legal and heads its superannuation team. He is member of a number of superannuation related committees. This includes being a member of The Tax Institute’s superannuation committee and the chair of the Institute of Financial Professionals Australia (IFPA) technical and policy committee.
He is also a member of number of the ATO’s superannuation liaison groups including the Superannuation Industry Relationship Network (SIRN) and the Superannuation Industry Stewardship Group (SISG). Phil is also heavily involved in liaising with Treasury and ATO in relation to the implementation of new super laws and administrative practices.
Phil’s areas of practice include superannuation, duties and state taxes, estate planning and succession, trusts, federal tax and business structuring.
Phil was listed in the 2020 to 2023 Best Lawyers Australia for superannuation law and was the winner of the SMSF Association’s SMSF Specialist Advisor (SSA) Top Achiever Award in 2019. His articles have featured in The Tax Institute’s Taxation in Australia Journal and CCH’s Super News. He has presented at seminars and conferences conducted by The Tax Institute, the SMSF Association, TEN The Education Network, Legalwise and various accounting bodies.
