{"id":16322,"date":"2024-07-31T19:55:56","date_gmt":"2024-07-31T08:25:56","guid":{"rendered":"http:\/\/quantiphy.com.au\/oldbackup\/?p=16322"},"modified":"2024-07-31T19:55:56","modified_gmt":"2024-07-31T08:25:56","slug":"new-smsf-expense-rules-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/quantiphy.com.au\/oldbackup\/new-smsf-expense-rules-what-you-need-to-know\/","title":{"rendered":"New SMSF expense rules: what you need to know"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">If you manage a self managed superannuation fund (SMSF), recent changes to tax rules for certain fund expenses could affect you. These changes may even apply to services provided for free. If your fund doesn\u2019t pay market price for services, it could face significant extra tax.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The new rules focus on \u201cnon-arm\u2019s length general expenses\u201d \u2013 services provided to your SMSF at below-market prices or for free. Income related to these general expenses may be classified as \u201cnon-arm\u2019s length income\u201d (NALI) and taxed at 45%. The new rules took effect on 29 June 2024, but are retroactive to 1 July 2018.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Key points to consider<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">General expenses:<\/span><\/i><span style=\"font-weight: 400;\"> The rules apply to general expenses not charged at market price. These are expenses that don\u2019t relate to a specific fund asset, such as accounting fees or investment advice that does not relate to a specific investment (eg asset allocation advice).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Trustee roles:<\/span><\/i><span style=\"font-weight: 400;\"> As a trustee, under the superannuation law you generally can\u2019t charge for your duties. However, if you provide services for free, or at a significant discount, as a professional (eg accountant, auditor or financial adviser) the NALI rules may apply.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">NALI limits:<\/span><\/i><span style=\"font-weight: 400;\"> The amount of NALI is capped at twice the difference between the actual expense and the market rate. If no expense is incurred, it\u2019s limited to twice the market rate.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Overall cap:<\/span><\/i><span style=\"font-weight: 400;\"> The non-arm\u2019s length component can\u2019t exceed the SMSF\u2019s taxable income (minus assessable contributions plus related deductions).<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">These new rules could catch out professionals trying to save their SMSF some money. If you\u2019re providing services to your SMSF or getting services at below-market rates, you need to be aware of these rules.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re unsure about how these rules affect your SMSF, it\u2019s best to consult with a tax adviser. They can help you understand if your fund\u2019s expenses are subject to the new rules and advise on any necessary changes.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you manage a self managed superannuation fund (SMSF), recent changes to tax rules for certain fund expenses could affect you. These changes may even apply to services provided for free. If your fund doesn\u2019t pay market price for services, it could face significant extra tax. The new rules focus on \u201cnon-arm\u2019s length general expenses\u201d&#8230;<\/p>\n","protected":false},"author":1,"featured_media":16323,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-16322","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New SMSF expense rules: what you need to know - Quantiphy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/quantiphy.com.au\/oldbackup\/new-smsf-expense-rules-what-you-need-to-know\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New SMSF expense rules: what you need to know - Quantiphy\" \/>\n<meta property=\"og:description\" content=\"If you manage a self managed superannuation fund (SMSF), recent changes to tax rules for certain fund expenses could affect you. These changes may even apply to services provided for free. If your fund doesn\u2019t pay market price for services, it could face significant extra tax. 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