Build an SMSF related-party NALI and NALE table from the accounts
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- From the accounts and related-party contracts, list dealings that may not be arm's length under s 295-550 of the ITAA 1997, with the documents and pricing evidence on each row.
- What the lawyer must review
- Apply NALI/NALE as amended in 2024 (general-expense NALI capped at twice the difference)
- Confirm the current PCG 2020/5 and any class ruling
- Check the characterisation and the text on legislation.gov.au
- Written for / version
- Commonwealth versionCth
Rules that apply
The document starts from the task name. Change it if this piece of work is different.
Who does what
| Role | What they do |
|---|---|
| Assistance | Consider narrowly defined preparation support after confirming the tool’s capability and permitted scope. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- Verify the applicable jurisdiction and the version of each relevant law, rule or instrument in force at the material time.
- Confirm the output against the client’s instructions and the complete relevant source material, including omissions or contradictions.
- Resolve exceptions and record the responsible lawyer’s approval of the exact output and intended use.