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NALI provisions still a key ‘audit challenge’
While the NALI provisions have been in place for over a year, a technical expert says practitioners are still not accounting for non-arm’s length income in certain instances, particularly where the fund is invested in underlying entities.
In 2019, the government passed amendments to s 295-550 of the Income Tax Assessment Act 1997 (Cth) (ITAA 1997) to reduce the ambiguity surrounding the effect of non-arm’s length expenditure for SMSFs.
Read more at SMSF Adviser.
