Not being aware of changes around NALI and NALE means some of your SMSF funds could be going down the drain.
Ahead of the upcoming WA Superannuation Intensive, we spoke to two of the ‘super’ star presenters, Tim Miller, SuperGuardian and Jemma Sanderson, CTA, Cooper Partners Financial Services.
Tim will be presenting on the hot topic, ‘NALI and NALE’. As it impacts very few SMSF transactions, non-arm’s length income is usually an afterthought. However, the changes introduced in 1 July 2018 have turned the whole thing on its head. We asked Tim to tell us more.
“The challenges associated with the introduction of the non-arm’s length income amendments, lie within the SMSF professional service offerings” Tim begins.
“Non-arm’s length expenses are now the catalyst for widespread concern, about not only our clients but also how we as SMSF professionals deal with our own fund.”
“I think there are lots of blind spots associated with related party investments and property investments where business property may be leased to a related party” Tim explains.
“There will need to be a focus on who is responsible for outgoings and whether those outgoings are transacted on a commercial basis.”
Tim hopes to provide delegates with an understanding of the key changes to the non-arm’s length rules and how those rules will not only impact their clients, but potentially their practices as well.
Tim Miller is one of Australia’s leading SMSF educators and presenters with over 23 years’ experience in the Superannuation industry. His experience has been gained through providing legislative and compliance support to thousands of Trustees, Accountants and Financial Planners since joining the SMSF sector in 1999.
In addition to servicing the needs of SMSF clients, his practical and personable approach to compliance has made him a regular presenter on the SMSF circuit. Tim regularly presents at the major SMSF conferences and events, contributes to various trade and general publications and is the author of one of the subjects of the SMSF Association Graduate Certificate delivered through the University of Adelaide and Kaplan, this subject also forms part of the CA ANZ SMSF specialist program. Tim is an SMSF Association Specialist Adviser.
The 2020 National Superannuation Series kicks off in Perth on 26-27 March.
The Transfer Balance Cap and Pensions
Myth busting with Jemma Sanderson
Jemma Sanderson, who is also presenting at The Tax Summit on 12th March has over 19 years’ experience in developing complex strategies for high net worth clients. Jemma is a Director of Cooper Partners Financial Services, heading up their SMSF specialist services. She provides strategic advice on SMSFs, estate planning and wealth management to clients, as well as technical support and consultancy to accounting, legal and financial planning groups.
We also spoke to Jemma about her session at the WA Superannuation Intensive, the ‘Pension’s workshop’ and the what tax practitioners should be looking out for after the recent overhaul of the Superannuation rules in 2018.
“As the rules regarding pensions and the transfer balance cap are still very new, the practical implications upon the occurrence of various trigger events, ‘retirement, retirement with a transition to retirement pension and death’ is an area that I receive many questions about. We have been very focused on getting the pensions in place and ensuring that clients were maximising their CGT relief, that sometimes the next steps can be missed” Jemma explains.
“There is a lot of confusion and misinformation regarding the transfer balance cap and pensions.”
Jemma hopes her session will provide some myth-busting around the transfer balance cap and pensions, while also providing some practical solutions for practitioners to take back to their client base.
Don’t miss Jemma Sanderson, CTA, and Tim Miller at the 2020 WA Superannuation Intensive, part of the
National Superannuation Series, on 26-27 March at The Melbourne, Perth.