From smsmagazine.com.au: Accounting bodies have urged the ATO to provide clearer guidance for SMSFs on pricing non-arm’s-length income and expenditures, as the current draft lacks firm advice for properly determining commercial prices.

They emphasized the challenges in identifying ‘arm’s-length’ prices and called for the inclusion of guidance on acceptable price ranges in the non-arm’s-length expenditure Law Companion Ruling (LCR) 2021/2DC.

The submission also requests confirmation from the ATO that considerable variability exists in asset market values without mandatory valuation requirements.