Non-arm's length income was historically an afterthought as it impacted very few SMSF transactions. Changes introduced from 1 July 2018 have turned the whole thing on its head with non-arm's length expenses now the catalyst for widespread concern about not only our clients but also how we as SMSF professionals deal with our own fund. This session explored the following areas of interest:
- new law changes, how they apply including ATO interpretation
- specific and general nexus between expenses and income
- trustee v personal remuneration - SIS v tax
- application to practitioners with their own SMSF.