Equipping professional accountants for sustainability
The International Federation of Accountants has developed a concise resource to guide accounting professionals and...
READ MOREDeferred ATO ruling leads to hopes of better NALE approach
The Tax Office’s recent deferral of finalising its ruling around how it will address both non-arm’s length income and expenditure amid COVID-19 has led to hopes within the SMSF industry of a better balance in its approach.
The ATO said recently in PCG2020/5 that it would not allocate compliance resources for a further financial year, 2020–21, to determine whether the NALI provisions apply to a complying superannuation fund where the fund incurred non-arm’s length expenditure of a general nature that has a sufficient nexus to all ordinary and/or statutory income derived by the fund in those respective income years.
Read more at SMSF Adviser.
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