What the ATO’s NALI announcement means

<p>Chartered Accountants Australia and New Zealand superannuation leader Tony Negline takes a closer look at the ATO’s recent announcement on non-arm’s length income and what it means for practitioners and trustees.</p> <p>Tony tells hosts Aaron Dunn and Jotham Lian how the ATO’s draft law companion ruling means that if an SMSF’s affairs are not structured correctly, then, even for a minor expenditure, all the income of the super fund — ordinary and statutory income — could face income tax at the highest marginal tax rate.</p> <p>He also shares his concerns with the legislation underpinning NALI and what he is ideally hoping for ahead of the ATO’s finalised law companion ruling.</p>