‘Clearly articulated policies’ around services vital with NALI
SMSF professionals should think carefully about what services they provide to their SMSF from 1 July 2022, with the ATO to cease its transitional compliance approach for certain non-arm’s length income rules from July.
Back in July 2021, the ATO released LCR 2021/2 clarifying how the amendments to section 295-550 of the Income Tax Assessment Act 1997 (ITAA 1997) operate in a scheme where the parties do not deal with each other at arm’s length and the trustee of a complying superannuation entity incurs non-arm’s length expenditure (or where expenditure is not incurred) in gaining or producing ordinary or statutory income.
Read more at SMSF Adviser
