Articles by Darin Tyson-Chan

Compliance, Legislation, Regulation

Waiting for final legislation unnecessary

Advisers have been told not to wait until legislation and regulatory changes have been finalised before including them in their business operations.

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AFCA, Investments

AFCA ruling jeopardises SMSFs

AFCA determination, Australian Securities and Investments Commission, ASIC, SMSF Association, Peter Burgess, Australian Financial Complaints Authority, AFCA,

A significant number of SMSF trustees may be adversely affected by a recent AFCA determination regarding the wholesale investor definition.

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ATO, Compliance

Compliance focus reflected in ATO data

ATO statistics, SMSF compliance, SMSF trustee contraventions, market valuations, Smarter SMSF, Tim Miller, arm’s-length transactions, loans to members, provision of financial assistance, separation of assets

The latest ATO statistics published about the sector reflect the regulator’s emphasis on certain compliance areas in the past few years.

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Commercial Property, Education, financial advice, SMSF, Superannuation

BRP test hinges on business operation

Property, commercial, Business real property. Natalie Scott, Accurium, 

Whether a tenant uses a premises to operate a commercial enterprise is the sole determining factor in satisfying one of the business real property criteria.

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ATO

Ready market vital to asset suitability

ATO, asset, market valuation, Smarter SMSF, valuation guidelines, Tim Miller, SuperGuardian, trustee obligations, sole purpose test

ATO guidelines have stipulated an asset that does not have a ready market where it can be easily valued may not be appropriate for an SMSF to hold.

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Property

Eligible interest a must for BRP

eligible interest, real estate, business real property, SMSF, self-managed superannuation, Accurium, Natalie Scott, business use, SMSFR 2009/1

For an asset to meet the definition of business real property for superannuation purposes, an SMSF must be deemed to have an eligible interest in it.

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Investments

Investment strategy must be practical

Multiple investment strategies

Accountants and advisers must consider the practical implications before employing multiple investment strategies within a single SMSF.

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ATO, Auditing, SMSF

Auditor numbers looking healthier

SMSF auditors

The number of registered auditors in the SMSF industry has improved after several years of depletion that affected this cohort.

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Administration, Trusts

Corporate trustee no longer costly

corporate trustee, SMSF, Self-managed superannuation, Cost, fee, Australian Securities and Investments Commission, Accurium, Matthew Richardson, special purpose company

Setting up a special purpose company to act as trustee for an SMSF is no longer as costly as it once was with regard to ASIC fees.

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SMSF, Trusts

Corporate trustee shareholders key

SMSF Self-managed superannuation corporate trustee company directors company shareholders Accurium Mark Ellem estate planning

Practitioners need to act with caution when appointing the shareholders of the SMSF corporate trustee company in the absence of any relevant rules.

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