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Australia’s top accounting groups are calling for urgent changes to the way regulators crack down on shady superannuation income, claiming the current rules could rip thousands of dollars from the super balances of accountants who file their own tax returns, or tradies who conduct ‘free’ work on homes in their super portfolio.
The Treasury on Monday closed its consultation on non-arm’s length expenses (NALE) for superannuation funds, the sibling of non-arm’s length income (NALI).
NALI is broadly defined as income incurred by a super fund when dealing with a closely-related entity, above and beyond what it could have expected to earn through an impartial transaction.
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