Articles by Darin Tyson-Chan

Compliance, Contributions, Strategy

Recontribution strategy basics an issue

Some withdrawal and recontribution strategies are triggering compliance breaches because members have not satisfied a full condition of release.

Some withdrawal and recontribution strategies are triggering compliance breaches because members have not satisfied a full condition of release.

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Contributions, Downsizer

Downsizer extensions very rigid

An application to have the downsizer contribution deadline extended will only be successful if there is a legitimate reason behind the request.

An application to have the downsizer contribution deadline extended will only be successful if there is a legitimate reason behind the request.

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NALI/NALE, Trusts

Discretionary trusts a NALI trigger

An SMSF investment in a discretionary trust should be avoided as any distributions from it will be considered non-arm’s-length income.

An SMSF investment in a discretionary trust should be avoided as any distributions from it will be considered non-arm’s-length income.

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Division 296, Legislation, Tax

CGT discounting unclear for Div 296

Several CGT issues remain clouded under the revised Division 296 tax proposal, including whether current discounting measures will be applicable.

Several CGT issues remain clouded under the revised Division 296 tax proposal, including whether current discounting measures will be applicable.

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Accounting, financial advice, Financial Planning

Accountants a clear advice solution

The Institute of Financial Professionals Australia is keen to have accountants play a significant role in providing financial advice to Australians.

The Institute of Financial Professionals Australia is keen to have accountants play a significant role in providing financial advice to Australians.

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NALI/NALE

NALE cost discount reasoning widened

Following amendments, LCR 2021/2 no longer requires staff discount policies for SMSF services to apply to classes of employees of the firm in question.

Following amendments, LCR 2021/2 no longer requires staff discount policies for SMSF services to apply to classes of employees of the firm in question.

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Appointments

IFPA board undertakes renewal process

The Institute of Financial Professionals Australia has regenerated its board with three individuals taking on new positions with the organisation.

The Institute of Financial Professionals Australia has regenerated its board with three individuals taking on new positions with the organisation.

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Death benefits

Law will decide member benefit treatment

Whether a benefit drawdown request made before a member dies but not processed is treated as a death benefit will ultimately be decided by the courts.

Whether a benefit drawdown request made before a member dies but not processed is treated as a death benefit will ultimately be decided by the courts.

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Cryptocurrency, Digital assets

Practitioners reticent on crypto advice

Individuals wanting to set up an SMSF to invest in cryptocurrency will currently have to do so without the benefit of financial advice.

Individuals wanting to set up an SMSF to invest in cryptocurrency will currently have to do so without the benefit of financial advice.

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