You still record these income types in the SMSF annual return under the relevant income labels.
Generally, assessable contributions are contributions paid to an SMSF either:
- on behalf of a member (such as super paid by an employer on behalf of an employee)
- by a member who has claimed a personal deduction for those contributions.
Generally, income is NALI if the:
- parties to a scheme are not dealing at arm's length in relation to the scheme, and either or both of the following applies
- income derived from the scheme is greater than might have been expected had the parties been dealing at arm's length in relation to the scheme
- from 1 July 2018, expenses incurred (including nil expenses) in gaining or producing the income are less than those which might have been expected had the parties been dealing at arm's length in relation to the scheme.
NALI also includes:
- income such as private company dividends (unless the dividend is consistent with arm's length dealing),and
- certain distributions from trusts.