2019-10: Gnarly with NALI

Finalisation of previously lapsed measures has now seen some important amendments to the non-arm’s length income (NALI) provisions that remove ambiguity within section 295-550 of the ITAA 1997 where schemes are entered into and the fund incurs a loss, outgoing or expenditure (incl. a nil amount).

The webinar looks at how the NALI provisions will operate in circumstances where the parties are not dealing at arm’s length as it relates to:

• Acquiring assets at less than market value (impacting both statutory and ordinary income)
• Non-arm’s length expenditure (impacting items on both revenue and capital account); and
• Net capital gains (including the impact of the market substitution rules)

The session explores the release of Law Companion Ruling, LCR 2019/D3 and the release of Practical Companion Guidance, PCG 2019/D6.